Sorouh Developments' total investments in its two ongoing projects in the New Administrative Capital will touch 11 billion Egyptian pounds ($690.5 million) in 2020, the company chairman said.

Hany El-Bendary said the company is currently developing Entrada mixed-use and Citadel mall projects in the new capital.

Earlier, the company had awarded construction contract worth 500 million pounds ($31.4 million) for Entrada Phase 1 residences to Redcon Spain and DETAC.

"Phase 1 would be delivered by 2022," El-Bendary told Zawya Projects, adding that company has sold 1,100 residential units to date, achieving 2.5 billion pounds ($157 million) in sales revenues.mln

He didn't disclose the number of units in the first phase but said the company plans to award another 500 million pounds construction contract for the second phase by September 2020.

Entrada includes 3,000 residential units and a 29,000-square metre (sqm) strip mall Entrada Avenue.

"We will invest one billion pounds ($62.8 million) in the construction of Citadel mall in third quarter of 2020," El-Bendary said, adding that the project, designed by Spanish architecture firm L35 and local firm EHAF Consulting Engineers, would be delivered by 2023.

He said the company is also planning to launch new residential projects in south Egypt and Delta governorates.

Founded in 2018, Sorouh Developments owns a land bank of 320,000 sqm in Egypt.

(1 US Dollar = 15.93 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#Egypt #Realestate #Construction #Sorouh Developments #NewAdministrativeCapital

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