Egypt's Afaaq Construction and Real Estate Investment has completed the construction of the residential portion of its 600 million Egyptian pounds ($37 million) Amorada New Cairo project, the company Chairman told Zawya Projects.
Osama ElEtreby said the construction of the 272-unit residential compound started in 2018. The project was designed by local firm Profilerz while Modern Home Engineering Consultancy was the construction consultant.
He said the developer plans to start construction of the mixed-use project's 4,800-square commercial mall in the first quarter of 2021.
The company is also planning to develop Amorada-branded projects in the New Administrative Capital and New Al Alamein City, ElEtreby said, adding that Afaaq is also eyeing public-private partnership projects in cooperation with the housing ministry.
Commenting on the impact of COVID-19 on construction activity, he noted work continued with precautions at many project sites, which has benefited the real estate sector and the economy.
(1 US Dollar = 16.18 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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