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Egyptian developer Times Developments has allocated EGP 30 billion ($622 million) towards its projects, Aster, Avelin, and the T-Hub in New Cairo, the company CEO told Zawya Projects.
Ahmed El-Sergany said the company anticipates total sales of approximately EGP 50 billion ($1.04 billion) from these projects.
The EGP20 billion ($415 million) Aster mixed-use project includes four residential phases and a commercial phase.
He said the first residential phase was launched last year, with 80 percent of it sold, generating sales of EGP 3 billion ($62 million).
The company hopes to launch a new residential phase, representing 20 percent of the project’s residential portion, in the last quarter of 2024.
"We expect sales of no less than EGP6 billion ($124 million), in addition to investing EGP300 million in construction ($6.2 million),” revealed El-Sergany, adding that consulting firms Okoplan and Hany Saad are involved in the project.
The EGP10 billion ($207 million) Avelin is located over an area of 26 acres near Rehab City, and includes residential units and a commercial portion called T-Hub.
The first phase of T-Hub, comprising six three storey buildings, was sold for EGP 500 million ($10 million) in November 2023. The first phase of the residential section was sold out fetching EGP2.8 billion ($58 million) in sales revenue.
"We plan to offer the remaining phases of the project for sale during this year, and expect revenues of EGP3 billion. During this year, we will also launch the offices portion of 'T-Hub' which will be retained to generate recurring income,” El-Sergany disclosed.
He said the company is considering appointing an international company to operate and manage T-Hub.
El-Sergany stated that the company is planning to acquire approximately 100 acres of land on the North Coast, where it is studying several investment opportunities.
Times Developments was established two years ago after acquiring the full shares of three real estate companies collectively owning 60 acres of land in New Cairo with an investment value of EGP32 billion ($664 million). The land is split between the Fifth Settlement (34 acres, EGP 20 billion) and the front of Rehab City (26 acres, EGP 12 billion).
(1 US Dollar = 48.22 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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