Egygab says investing 275mn pounds in Granda I El Shorouk

Egypt’s property developer Egygab Holding is investing 275 million Egyptian pounds ($15.3 million) into its flagship Granda I within 2017, Chief Executive Mohamed Gaballah said Tuesday.

The investments are ten percent higher than Egygab had earlier estimated, due to the government’s  decision to increase fuel prices, Gaballah further told Amwal Al Ghad.decision

About Granda I El Shorouk City, the Egyptian official added that the project includes 427 units on a space of 20 feddans.

Egygab has obtained these feddans from one of the state auctions, with investments worth 400 million pounds and expected returns of around 900 million pounds, Gaballah stated.

“We will deliver the project within next year,” Gaballah noted.

The company is set to launch the first phase of Granda II project at the end of the second half of coming year, with expected returns of 1.2 billion pounds, the chief executive elaborated.

Granda II is located in El Shorouk City on a space of 30 feddans, Gaballah stated, referring that the cost of the 539-various unit project reaches 167 million pounds.