SAK eyes $24.5mn contractual sales from commercial mall in Egypt new capital

Egypt’s SAK Developments says it targets contractual sales up to around 400 million Egyptian pounds ($24.5 million) from its commercial mall; The V in the country’s new administrative capital.

The newly-founded company plans to deliver the project, which is spanning over 7,300 square metres in the new capital’s seventh residential district, within four years, chief executive Ahmed Kadry El-Ghitany said on Saturday.

The V project is with a built-up area of 30 percent, besides entertainment spaces over 5,100 square metres, representing 70 percent of the project’s total area, El-Ghitany added.

“The project is to include 28 commercial units with spaces ranging between 30 and 888 square metres and 58 administrative units with spaces ranging between 54 and 183 square metres,” he said.

The project will also encompass 35 housing units with spaces ranging between 55 square metres and 125 square metres as well as a basement level parking with approximate area of 7,000 square metres, El-Ghitany added.

“We seek to achieved sales of about 100 million pounds within the fourth quarter of the current year,” El-Ghitany said, adding that the project would provide around 10,000 job opportunities.