Diab: Delivery of 1,000 housing units in the “Sun Capital” project in the last quarter of 2021
An Arab Company for Urban Development and Development aims to achieve contractual sales of EGP 4 billion during 2022.
Amr Diab, Vice President of Technical Affairs at the Arab Company for Urban Development and Development, said that the company is developing the “Sun Capital” project in 6 October City, with investments amounting to 65 billion pounds, and the project will be built on an area of 560 acres in partnership with the Urban Communities Authority.
Diab added to “Al Borsa” that the company is preparing to deliver 1,000 housing units in the “Sun Capital” project during the last quarter of 2021. He explained that the company is working to develop 30% of the total area of the project, and about 50% of the size of the residential component, and signed a contract last month. Financing with Banque Misr to obtain credit facilities to finance part of the “Sun Capital” construction.
He pointed out that the “Arabia” company owns a stock of real estate units in the “Galleria” project in the Fifth Settlement area in New Cairo, estimated at 3.5 billion pounds. He said that the company had launched a mixed-use Galleria Mall project with targeted sales of EGP 700 million in New Cairo.
He added that the company changed the mall’s activity to a commercial administrative, and assigned the management and marketing to “Amaken” company, as part of its strategy to develop real estate products in accordance with market requirements. The Galleria Mall is located on an area of 1.8 thousand square meters in New Cairo, and includes 105 administrative units and 16 commercial units, and 16 of the total units were contracted to lease.
Ayman Nawar, head of the commercial sector at Arabia, said that the company has prepared studies on the needs of the real estate market in Egypt, and has recently noticed a growing demand for administrative activity, especially in the East Cairo region, and therefore decided to change the activity of “Galleria Mall” to include most of its units. Administrative activities, while maintaining restaurants and cafes in the basement floors of the mall, to provide various services to customers.
The article “Arabia Development” aims at 4 billion pounds in real estate sales during 2022, was written in Al Borsa newspaper.