Cairo – Mubasher: Shoura Group plans to put in EGP 1.3 billion in three real estate projects, the CEO of the group’s property development arm Developer X, Ahmed Fouad, said.
The group will begin constructing an administrative-commercial project in New Cairo by the end of 2021 with a whole investment costing of EGP 700 million, Fouad provided in a press conference on Tuesday.
Crossing over a region of five feddans, the 130-unit project is required to produce EGP 2 billion in deals, he added.
The CEO further told that the company will begin establishing a residential project in Sheikh Zayed City by the end of this year over an area of 16 feddans.
The project, which will show 45 villas, has an investment price of EGP 200 million and is expected to achieve EGP 500 million in deals.
Another project will be constructed in El-Mohattam with an investment price of EGP 400 million, he further said.
Al Shoura Group has a yearly volume of business costing EGP 4 billion and is expected to register EGP 1 billion in deals in 2021.
The company’s projects are funded by its own resources thanks to the high financial solvency of the parent company.
The company aims to develop its 150 feddans over three years and is in talks to acquire new land plots in New Cairo, Sixth of October City, and the North Coast.