28 January, 2020

Egypt's The Land Developers to launch Armonia project's commercial portion in Q1

The mixed-use project's commercial area will house office and retail units

Image used for representational purposes only

Image used for representational purposes only

Getty Images/Tinpixels/getty images

28 January 2020

Egypt's The Land Developers is planning to launch the commercial portion of its 3 billion Egyptian pounds ($190 million) mixed-use development Armonia in New Administrative Capital in the first quarter, a top company official said.

Chairman and managing director Ahmed El Tayebi told Zawya Projects that sales and construction of the 100-unit commercial component, featuring offices and retail spaces, would start in March 2020.

He said the project, spread over an area of 20,000 square metres, is expected to cost 500 million pounds ($32 million) and be completed by 2025.

Armonia's 1,750-unit residential portion would be developed in five phases and completed by 2025, El Tayebi added.

He also disclosed that the company is planning to develop a 150-key hotel in King Mariout in Alexandria at a cost of 300 million pounds ($19 million).

He said the hotel is scheduled to be completed by 2025, adding that the company is in negotiations currently negotiating a management contract for the hotel with international hospitality brand Marriott.

(1 US Dollar = 15.82 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

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