Egypt's ZAMCO plans 69-acre mixed-use development

EGX-listed developer to start construction of two projects in 2020

  
Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

REUTERS/Amr Abdallah Dalsh - RC1169D2CE00

09 January 2020

Egyptian developer Zahraa Maadi Investment and Development (ZAMCO) is planning to develop a mixed-use project over an area of 69 acres in Zahraa Al Maadi, Cairo, a top company executive told Zawya Projects.

Marketing manager Said Helmy said the project would include a 50,000- square metre (sqm) commercial area; a 50,000-sqm office building; a hospital; an international school; a sports club; two 5-star hotels, a food court, and leisure facilities.

He said work on the project would start in the next three years and continue for five years but declined to disclose project costs or timelines or other details.

He said the company, which is listed on the Egyptian Stock Exchange (EGX), plans to start construction of two projects in 2020.

Helmy said the construction of Zahraa Gardens, a mixed-use project spread over an area of 1,200 sqm, will start in 2020 and complete in 2023.

He said the project, located in Zahraa Al Maadi, would feature five residential buildings incorporating a total of 140 units, with retail units on the ground and first floors.

Patio Al Zahraa compound in Sheikh Zayed City, the second project, is scheduled to be delivered in four phases by 2022, said Helmy.

The 76-acre project will include 564 villas, and a five-acre commercial area, he said, adding that ZAMCO is studying 'second home' projects in Ain Sokhna and the north coast but didn't elaborate.

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

© Thomson Reuters Projects News 2020