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Egyptian developer Gates Developments is preparing to launch a mixed-use project in New Zayed City, the company CEO Hassan Nasr told Zawya Projects.
He didn’t disclose project name or development value or timelines but said it would span an area of 65 acres.
He also disclosed that the company is planning to start work on a new project on the North Coast but didn’t elaborate.
Nasr said construction work has started on the 4.8-billion Egyptian pounds ($155 million) Space Commercial Complex in Zayed City. The project, with a built-up area of 36,000 square metres (sqm), includes offices, shops and clinics.
He said the company has invested EGP15.87 billion ($514 million) across seven diverse real estate projects distributed between the New Administrative Capital (NAC) and West Cairo.
“We have successfully completed 65 percent of our Catalan residential project, spanning 40 acres in the NAC. The project also includes Catalan Mall, a shopping complex,” he said.
Nasr pointed out that 36 percent of Venia residential project in the NAC, spanning 40 acres, is complete. He added that construction of Audaz, its twin-building commercial project in NAC’s financial district, is complete and deliveries would be completed by the end of 2023.
“The project spans an area of 16,800 sqm, and features administrative, medical, and retail units that cater to today’s business needs,” he said.
The company has also completed the construction of its four-acre West Gate commercial project in 6th of October city, with deliveries on track to be completed the end of 2023. Delivery of Espana Plaza, Gates Development’s commercial project in Sheikh Zayed city has been completed, Nasr added.
(1 US Dollar = 30.90 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
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