|23 January, 2020

Egypt's TAMEER targets $221mln sales from 2 new projects

Azad development will feature 350 units in New Cairo

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh

Cairo – Egypt-based Development and Engineering Consultants Co (TAMEER) is looking to develop new residential and commercial projects in Cairo, the company’s managing director Antoine El-Khoury told Thomson Reuters Projects News.

The property developer aims to generate EGP 3.5 billion ($221 million) in sales from Azad and Diaar projects by 2020, El-Khoury added recently on the sidelines of a roundtable.

Azad development, spanning over an area of 20 feddans, will feature 350 units in New Cairo, while the 75-feddan Diar project will comprise 830 units in the 6th of October city to be built in two phases.

Azad and Diar are expected to generate sales revenue of EGP 2 billion and EGP 1.5 billion, respectively.

El-Khouly further revealed that the first phase of Diar, comprising 420 units, was delivered in 2019.

It is noteworthy that TAMEER’s portfolio includes The Oberoi Hotel in Aswan, the Old Meridian hotel in Cairo, and New Maadi neighbourhood.

Source: Mubasher

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