By: Abdullah Bedeir
Cairo – Mubasher: Shoura Group aims to invest EGP 1.3 billion in three real estate projects, the CEO of the group’s property development arm Developer X, Ahmed Fouad, revealed.
The group will start building an administrative-commercial project in New Cairo by the end of 2021 with a total investment cost of EGP 700 million, Fouad said in a press conference on Tuesday.
Spanning over an area of five feddans, the 130-unit project is expected to generate EGP 2 billion in sales, he added.
The CEO further revealed that the company will start establishing a residential project in Sheikh Zayed City by the end of this year over an area of 16 feddans.
The project, which will feature 45 villas, has an investment cost of EGP 200 million and is expected to achieve EGP 500 million in sales.
Another project will be built in El-Mokattam with an investment cost of EGP 400 million, he added.
Al Shoura Group has an annual volume of business amounting to EGP 4 billion and is expected to record EGP 1 billion in sales in 2021.
The company’s projects are funded by its own resources thanks to the high financial solvency of the parent company.
The company plans 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.