Marakez, one of the largest mixed-use developers in Egypt and a subsidiary of leading Saudi retailer Fawaz AlHokair Group, has announced the opening of its new 64,000-sq-m retail destination - Town Center.
Located at the busy intersection of the Ring Road, Ismailia-Cairo Road and in close proximity to the new Adly Mansour metro station and Salam Bus Station, the key neighborhood centre has more than 25,000 sq m of gross leasable aream, stated Marakez, which started work on the E£260 million ($16.6 million) project in August last year.
The Town Center, which boasts a variety of retail outlets for fashion, cosmetics, electronics, home accessories and appliances anchored by Carrefour, Mostafa El Sallab, LC Waikiki, Active and several other brands, will be catering to more than 2 million people who live and work within the area.
Speaking at the launch, Marakez CEO Basil Ramzy said: "Town Center is a convenience mall with direct access from the Ring and Ismailia roads that will transform the retail and leisure landscape of this area serving the residents of Gesr El Suez, El Nozha El Gedida, El Salam, Ein Shams, and all the way to Oraby and Shorouk."
"The lack of organized retail and the densely populated area were key drivers for Marakez and its main partners Carrefour, Mostafa El Sallab, and LC Walkiki for establishing an organized commercial center as an alternative to the current decentralized retail offerings. Town Center supports Egypt’s socio-economic vibrancy by catering to the needs of its local communities," he added.
Over the years, Marakez has become one of the largest mixed-use developers in Egypt with a portfolio of projects with one of the highest recurring revenue profiles in the country.
Anchored by the flagship Mall of Arabia in West Cairo, Marakez projects include the first residential towers in 6thOctober, AEON, as well as Mall of Katameya and District Five residential project in New Katameya.
According to Ramzy, Marakez is implementing a strategic investment plan in Egypt of more than E£20 billion ($1.27 billion) focusing on key projects in Cairo and other governorates with a new mall projected to open every year.
"The Mall of Tanta was opened in 2019, Town Center this year and in 2021 it will be Mall of Katameya and the following year Mall of Mansoura," he added.-TradeArabia News Service
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