Egypt's Hometown Developments launches Lafayette mall in New Administrative Capital

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Egypt's Hometown Developments announced on Sunday the launch of its second mall project in the New Administrative Capital (NAC).

The company's Chairperson Diaa Farag told Zawya Projects that the 25,000-square metre Lafayette Mall, which is being developed at an investment of 3 billion Egyptian pounds ($185 million), would be delivered by May 2023 in three phases.

He said 2 billion pounds ($123 million) is the estimated construction cost while 500 million pounds ($31 million) was the land cost.

In a related press statement, Farag said the six-storey, 300-unit mall is the first commercial project to be launched in the new capital's downtown area.

Commercial Director Sameh Awad said the project has been designed by Archrete Designs.

"We achieved 800 million pounds ($49 million) in sales from Zaha Park, our first mall in the new capital, which features 60 commercial units," he said.

Farag said the company is planning to launch its third mall in the new capital after Zaha Park and Lafayette before the end of the year, taking its total investments in malls to 10 billion pounds ($618 million). He said the mall would be developed over an area of 14,000 sqm.

(1 US Dollar = 16.19 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

#Egypt #Lafayettemall #NewAdministrativeCapital(NAC) #Realestate #Construction

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