Emaar Misr, the Egyptian subsidiary of Dubai-based developer Emaar Properties, has kick-started the construction of Phase 1 of its 11.5-billion-pound ($733 million) Cairo Gate integrated project, located in Sheikh Zayed, West Cairo, it was announced last week.
The company said in a press statement that it has awarded the contract to build 117 Duet Villas as part of the Elan community in Phase 1 to Construction & Reconstruction Engineering Company (CRC), a subsidiary of DORA Construction.
The contract value wasn’t disclosed but CRC is also the contractor for Emaar Misr’s Mivida project in New Cairo.
Contracts for Eden villas, Grand Residence apartments and Rays Social Club that form part of Phase 1 would be awarded in May, the statement said.
Emaar Misr had laid the foundation stone for the 133-feddan Cairo Gate in October 2020. In addition to villas, housing units, and serviced apartments, the project includes business workspace, commercial areas, and a hotel.
The developer’s land portfolio in Egypt currently stands at more than 17.4 million square metres in East, West, and Central Cairo, and the North Coast while the volume of investments has reached 200 billion pounds ($12.8 billion).
(1 US Dollar = 15.68 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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