Egypt’s real estate investment firm, Grand Plaza says it will establish a services area in its fully-fledged residential project La Mirada Compound in Mostakbal City, New Cairo.
The new area will be built on a space of 39,000 square metres, with investments worth 1.2 billion Egyptian pounds ($66.8 million), the company’s chief executive Sherif Ragheb told Amwal Al Ghad on Monday.
“The services area is set to include a number of commercial, administrative, medical, and entertainment activities,” Ragheb further said.
The total investments of La Mirada, which was marketed in five phases of sale, reach around 4.8 billion pounds, he said.
The 4.8 billion pounds are distributed as 1.3 billion pounds that represent the value of the land plot as well as 3.5 billion pounds for the project’s cost, he said.
“We had earlier purchased the land plot from Egyptian El Mostakbal Company for Urban Development,” Ragheb added.
Grand Plaza had also marketed La Mirada’s first phase with total 456 units and the fifth phase with 1,050 homes, Ragheb said, adding that the fifth phase was sold in favour of Housing and Real Estate Investment Company (HDRIC).
HDRIC, which is an affiliate to state-owned Housing and Development Bank, purchased the fifth phase, at a cost estimated at about one billion pounds, he said.
“The second and third phases do not been marketed till now,” he added.