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Construction at Times Developments’ Avelin and T.Hub projects in New Cairo is progressing on schedule, according to the company’s CEO, Ahmed El-Sergany.
In an interview with Zawya Projects, El-Sergany confirmed that the 26-acre Avelin project is set to be delivered by 2027. Located near Rehab City, the 10 billion Egyptian pounds ($206 million) Avelin includes residential units, and commercial portion called T-Hub featuring retail shops, and office spaces.
T.Hub spans 10,600 square metres and is designed by Raef Fahmi Architects (RFA).
El-Sergany highlighted the private developer’s commitment to a cautious development strategy. “We ensure that 20 percent of the construction work is completed before opening sales to guarantee adherence to delivery timelines,” he said. Avelin’s design is led by Okoplan, with ECG providing engineering and construction supervision.
The CEO also revealed strong sales performance, with the company achieving approximately EGP 4.5 billion ($93 million) out of its targeted EGP 6 billion ($124 million) by year-end. Annually, Times Real Estate allocates up to EGP 500 million ($10 million) towards construction costs.
El-Sergany further disclosed that Times Developments is in negotiations to acquire multiple land plots in the North Coast, ranging from 100 to 150 acres, and is looking to expand its presence in East Cairo.
(1 US Dollar = 48.55 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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