Marakez, a subsidiary of leading Saudi industrial conglomerate and the kingdom's largest mall developer Fawaz AlHokair Group, said it has expanded its District Five Residences (D5R) project in New Katameya area of Cairo by adding another 68 acres to its existing 100 acres within the development.
Marakez is a major mixed-use developer in Egypt that boasts 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 6th October, AEON, as well as D5 Mall, Mindhaus and District Five residential project at New Katameya in addition to the opening of Mall of Tanta in 2019, Town Center in 2020 and the upcoming opening of Mall of Mansoura.
"Our flagship project in East Cairo, District Five, is an ambitious integerated development with the key elements we believe are required to craft a vibrant and thriving community," remarked its CEO Engineer Basil Ramzy.
Marakez, he stated, brings significant depth and breadth of experience to the Egyptian commercial, retail, and residential real estate landscape while creating thousands of job opportunities for locals.
The company’s award-winning approach to mixed-use development is based on innovation and ingenuity, he added.
Ramzy said its D5R compound has achieved record sales this year, adding on an unprecedented development rate, thus encouraging it to grow Marakez's residential landbank in New Katameya and increase its offering.
With significant investment in infrastructure to connect the project to Road 90 and the rest of New Cairo, D5 in New Katameya in the Southern extension of New Cairo provides easy access to Downtown Cairo, Maadi, Nasr City, New Capital and Ain El Sokhna.
"The delivery starts this year at D5R coinciding with Phase One of the D5 Mall opening set for 2022," he added.-TradeArabia News Service
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