Pyramids launches Paris East Mall in Egypt's New Capital with $121mln investments

The mall will be established on an area of 27,000 sqm

  
Image used for illustrative purpose. To match Analysis EGYPT-ECONOMY/

Image used for illustrative purpose. To match Analysis EGYPT-ECONOMY/

REUTERS/Asmaa Waguih

Pyramids Developments has launched Paris East Mall, the company’s latest commercial project in New Administrative Capital, specifically in MU23 the most distinctive and specialised commercial area in the city.

The mall will be established on an area of 27,000 sqm and a building footprint for the whole mall of 104,000 sqm. It consists of a ground floor and 11 floors as a commercial, entertainment, and tourism destinations for more than 50,000 housing units between R2 and R3.

On the occasion of the launch of Paris East Mall, the company is providing a 10% discount for owners of two commercial units in the mall, according to Hisham El Kholy chairperson of Pyramids Developments.

El Kholy said that the mall will host the first and largest dolphin show, the largest aquarium, simulating the tropical forest above the mall, and other entertainment and commercial activities.

He revealed that the sales of Paris East exceeded EGP 1bn within only 48 hours, adding that the total mall’s investment estimated at EGP 2bn.

The company is building another four large commercial malls in the New Administrative Capital; Paris Mall, La Capitale, Champ Elysees, and Grand Square.

The Paris Mall investments are worth EGP 2bn.The mall comprises of commercial, administrative, and clinic units with 0% down-payment and instalments over 15 years, El Kholy said.

“Our investments within the New Capital reached approximately EGP 6bn. We began with La Capitale compound and La Capital Mall inside the compound. Then the company launched its first administrative, medical mall inside the New Capital, Grand Square Mall, with investments of EGP 750m. We then established the Champs Elysees Mall within the central business district (CBD) in the NAC, and finally Paris Mall, the largest in the New Capital,” he elaborated.

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