Egypt’s Sabbour Consulting Company signed a contract with Raaed Developments real estate company to design and establish a new residential compound in New Sohag City, according to Sabbour’s statement published on 24th September.
The compound, named Roots, will span over an area of 21 acres and will cost 1.8 billion Egyptian pounds (around $58 million). It is set to hold 33 buildings, 12 villas, a large commercial mall, recreational areas, and a spacious mosque, Raaed Developments company’s CEO Hisham El-Santrissy said.
The contract signed by Omar Sabbour, CEO of Sabbour Consulting, and Hisham El-Santrissy, CEO of Raaed Developments in the presence of Abdel Hamid Abdel Aty, CFO of Raaed Developments, and Mohamed Maarouf, Director of Business Development and Supporting Sectors at Sabbour Consulting.
The project is planned to be completed within two years and will provide high-quality living standard to meet demand for properties with international standards.
It is worth mentioning that this is the second contract between both firms, after their previous cooperation in urban projects, according to Sabbour’s statement.