05 May 2019
Egyptian property developer Safwa Urban Development (SUD) is planning to launch three new projects in New Mansoura City and New Administrative Capital, a top company official has said.
Nabil Qirat, Regional Director of SUD told Thomson Reuters Projects that the company is planning to start construction of an 80-acre mixed-use compound in New Mansoura City, and a hotel apartment project and a mall in the new capital this year.
He declined to elaborate on New Mansoura City project but said the company is awaiting ministerial approvals.
"Construction is planned to start by the end of this year, and would continue for three years," he said.
He didn't disclose the number of keys or construction timeline for the hotel apartment project in the new capital but said the seven-storey project would be spread over an area of 9,000 square metres (sqm).
Denmark's Helnan International Hotels and Germany's Kempinski Hotels have been shortlisted for the operator contract, he added.
Qirat said the construction of a 150 million Egyptian pound commercial complex, located next to the company's Capital Heights 2 residential project in the new capital, is expected to start in May.
The 12,000 sq m Capital Hub 2 complex, designed by Egyptian firm Makram, is scheduled for delivery in 2020, he said.
He said enabling works have started at the site of Capital Heights 2 project, adding that the 250,000 sqm development would be completed in three years.
(Reporting by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
© ZAWYA 2019
