Egyptian developer El Batal Developments, has launched three new projects in Cairo this year at a total investment of about 7 billion Egyptian pounds ($366 million), the company's CEO and Managing director said.
Emad Doss told Zawya Projects that the launches comprise the second phase of the 3-billion-Egyptian-pound ($157 million) commercial project Rock Capital 1 in the New Administrative Capital and two new projects, namely the 2-billion-pound ($104 million), 611-unit Rock Yard residential project in Sheraton Heliopolis, and the 2-billion-pound Rock Gold Mall, specialised in gold jewellery, in the Fifth Settlement.
Hisham Fares is the consultant architect and interior designer for Rock Gold.
Doss said Rock Capital 1 is scheduled for completion in 2024 with targeted sales revenue of 3.75 billion pounds ($196 million) whereas Rock Yard’s completion is scheduled for 2025 with targeted sales revenue of 2.5 billion pounds ($131 million).
The company has delivered three residential projects this year comprising the 1-billion-pound ($52 million), 272-unit Rock Vera residential project in the Fifth Settlement, the 1-billion-pound, 101-unit Rock Ville villa project in the Fifth District of El Obour City and the 4-billion-pound ($209 million) 1,087-unit Rock Eden in 6th of October City
El Batal’s investments to date total 13 billion pounds ($679 million), said Doss, adding that the company has entered Canada’s commercial property sector through its subsidiary Doss Homes.
He said they are planning to invest in the industrial sector with more details about the industrial project to be announced after two months
The company’s land bank in Egypt stands at five million square metres.
(1 US Dollar = 19.15 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)