Cairo – Mubasher: Egyptian property developers New Arkan and Diamond Real Estate Development signed a partnership agreement to develop “Chills Mall” project in Sheikh Zayed city for the favour of Saudi-based Al Shareef Yahya Group, according to local media reports.

New Arkan plans to achieve EGP 550 million ($31.56 million) in sales during the first six months of the sale process, Al-Borsa News reported, citing the company’s CEO Mohamed Akef as saying.

Spanning over 3,000 square metres, the new mall will include medical, administrative and commercial activities over areas ranging between 68 and 200 square metres, Akef added.

The new project will be sold over two phases during a six-month period, he noted.

Diamond Real Estate Development purchased a land for Al Shareef Yahya Group to develop the project through its contracting and engineering consulting arms as well as selecting a company to manage the mall after its operation, the company’s chairman Andrea Mikhail said.

The EGP 250 million project is expected to be executed within one year after starting the construction works, Mikhail added, noting that the project’s feasibility study and designs have been finalised.

Diamond Real Estate Development plans to expand its contracts with investors and real estate developers to execute commercial, administrative and medical projects in Sheikh Zayed and Sixth of October cities.