Dar Al-Alamia For Construction and Building OSA plans to launch two projects in the New Administrative Capital with investments amounting to EGP 7 billion.
Ahmed Saleh, Vice-Chairman of the company said that one project is a residential on an area of 35 feddans with investments worth EGP 4 billion, while the other is a commercial one on area of 25 feddans with investments of EGP 3 billion.
Saleh added that the company intends to increase its capital from EGP 75 million to EGP 150 million, with the same shareholders during 2022.
He explained that "Dar Al Alamia" recently launched a project on an area of 6 feddans in New Cairo. The project includes 150 units, with areas ranging between 110 and 255 sqm, and the company targets EGP 700 million in contractual sales.
"The company paid 40% of the land value to the Urban Communities Authority, and 60% will be paid in installments over 3 years. It also obtained the ministerial decision and is close to obtaining building permits," he pointed out.
Saleh said that "Dar Al Alamia" aims to pump EGP 150 million into construction next year, as it plans to start construction in Q1 of 2022, and deliver in 2024.
The design and engineering consultancy work was assigned to the GID - Ayman Moselhy office, and the real estate consultancy tasks to "Inversion" Development Consulting.
The company offers payment facilities, including a 10% down payment and installments over 7-year period.
Contributed by: Taarek Refaat
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