Egygab to launch Granda II El Shorouk project’s new phase in Sept

Egypt’s property developer Egygab Holding Company says it plans to launch the second phase of Granda II project in El Shorouk City within next September.

The project will be launched with total investments of 600 million Egyptian pounds ($33.2 million) and with expected revenues worth 1.250 billion pounds.

The second phase is set to include more than 550 various housing units.

Mohamed Gaballah, Head of Technical office at EgyGab, said Thursday his company is currently pumping investments of 250 million pounds to implement some parts of Granda Shorouk project.

Earlier, EgyGab pumped investments of 400 million pounds last year, Gaballah added.

“We have started promoting Granda I – third phase with 427 units and total investments worth 400 million pounds,” he showed.

The Egyptian official further clarified that EgyGab has promoted so far 45 percent of the third phase.

“We expect to achieve sales worth 900 million pounds,” Gaballah noted.

On the other hand, EgyGab has completed the development of Family City Compound in New Cairo on a space of 18 feddans, he elaborated.

Head Gaballah said that EgyGab’s total consolidated investments in different activities reach two billion pounds.

“We target boosting our investments next period,” he concluded.