Egyptian developer West Way Developments is planning to launch residential and commercial in in 2023, the company's chairman said.
Mohamed Farouk told Zawya Projects that the company will launch two residential projects in New Zayed, West Cairo at a total investment of one billion Egyptian pounds ($33 million).
The first project, a 5-acre, 36-villa development, involves an investment of EGP250 million ($8 million). Construction is slated to start by fourth quarter of 2023 and complete in two years, he said.
The second project, housing 100 villas in 15 acres, involves an investment of EGP 750 million ($24 million).
Farouk said they are planning to start construction by the first quarter of 2024 and complete in 30 months.
He added that Ray Design is the main consultant of both projects.
Vice Chairman Hussein Salah said Ray Design is also the lead consultant for an EGP 750 million ($24 million) commercial project, spread over of 2,300 square metres (sqm) in Sheikh Zayed City.
He added that construction of the 4-storey project is slated to start by the fourth quarter of 2023 and would complete after three years.
He disclosed that they are planning to launch another commercial project in 6th of October City by May 2023 at an investment of EGP 1.25 billion ($41 million). Construction of the 4-storey project, spread over 4,400 sqm, will start in the fourth quarter of 2023, and complete in 42 months.
The developer has also launched a medical project ‘360 Health’ in Sheikh Zayed city over an area of 1,313sqm, at an investment of EGP500 million ($16 million).
Construction of the 3-storey project will start by second quarter and complete after 30 months.
He added that Healthy Care Group is the operator of ‘360 Health’ project.
West Way Developments is also planning to expand into Hadayek October, New Zayed, New Cairo and the North Coast, he concluded.
(1 US Dollar = 30.80 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)