Egypt’s property developer firm IWAN Developments plans to start delivering its residential flagship ALMA in Sheikh Zayed City, at the outskirts of Cairo, by early 2020, said chief executive Walid Mokhtar on Thursday.
“ALMA is carried out on a space of 30 faddans,” Mokhtar stated, adding that the project will include 180 various housing units, with investments of around 800 million Egyptian pounds ($45.3 million).
“The company targets returns exceeding one billion pounds from the project,” the Egyptian official further said.
Moreover, Mokhtar referred that IWAN is currently implementing Veda project in Cairo-Alexandria desert road over 35 faddans. This road is 220km (136.7 miles) long and it links between Cairo and Alexandria, Egypt’s two largest cities.
Veda is with target sales worth around 1.5 billion pounds and investments ranging between 700 million pounds and 800 million pounds, Mokhtar noted.
“The company has marketed the first and second phases of the project (Veda), with sales estimated at 500 million pounds,” he concluded.