MARAKEZ posts $116.4mn sales from AEON in Egypt’s Sheikh Zayed

MARAKEZ for Real Estate Investment, the Egyptian arm of Saudi conglomerate Fawaz Alhokair, posted sales worth 1.9 billion Egyptian pounds ($116.4 million) from AEON residential complex project in Sheikh Zayed City.

AEON is a 21-feddan project, comprising of four diverse building blocks next to the Mall of Arabia in Sheikh Zayed, including three towers, chief business development officer Ashraf Farid told Daily News Egypt on Friday.

Farid revealed that his company eyes 800 pounds in sales from the third tower to be offered next month, and that the company will deliver all the tower units fully finished, while other units in the buildings will be semi-finished. He disclosed that 80 percent of tower units’ buyers are Egyptians.

On the other hand, Marakez’s investments in 200-feddan Central West project are worth 6 billion pounds, Farid said.

Moreover, Chief Technical Officer at Marakez, Mohamed Badr, said the company plans to deliver buildings of the first phase of the AEON project in December, four months ahead the scheduled delivery time.

Badr added that the first phase encompasses 220 units, pointing out that the company intends to deliver the second phase in February 2020.

With a total investment of 2.2 billion pounds, AEON will feature West Cairo’s first luxury high-rise residential buildings. AEON Towers, comprised of three 20-floor high-end residential buildings, are being built over a total built-up area of approximately 66,500 sqm, constructed above a two-storey underground parking garage.

Farid unveiled that the company is studying obtaining a 35-feddan plot of land in Minya or Assiut governorates to develop a new mall.

The company has previously announced its intention to develop a large mall in Mansoura city on 47 feddan. Farid commented that the project land is being delivered by Ministry of Supply.

Source: Daily news