Pyramids Real Estate posts $11.3mn sales from Egypt new capital’s mall project

Big 5

Egypt’s property developer Pyramids says it has posted sales worth 200 million Egyptian pounds ($11.3 million) from Grand Square at the Central Business District (CBD) in the country’s new capital in ten days.

Grand Square is Pyramids Real Estate’s first commercial, administrative, and medical mall flagship in the new capital, chairman Hesham El-Kholy announced on Monday.

“We plan to complete executing Grand Square Mall, which is our third project in the new capital on a space of 7,800 square metres, at the end of 2020,” El-Kholy earlier said.

In March 2018, Egyptian Minister of Housing Moustafa Madbouly laid the foundation stone of a massive Central Business District (CBD) in the new capital’s first phase.

The new district, which is being carried out by China’s State Construction Engineering Corporation (CSCEC), will include 20 giant buildings and will be finalised at the end of 2020, with investment cost of $3.2 billion.

ACUD is the owner and developer for the new capital project, which is located 45km (28 miles) east of Cairo of on a total area of 170,000 feddans.

The company’s shareholders; Egyptian government’s New Urban Communities Authority (NUCA), National Service Products Organization (NSPO), and Armed Forces National Lands Projects Agency.

As for the new capital, the anticipated city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.

city will be a 270-square-mile hub with 21 residential districts to accommodate five million people. It is set to feature 1,250 mosques and churches as well as 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.