Sorouh eyes 1 bln pounds sales from a project in Egypt’s new capital

Sorouh Developments Company says it targets contractual sales of one billion Egyptian pounds ($56.5 million) from its fully-fledged project Entrada Compound in Egypt’s new administrative capital within 2018.

Sorouh is a shareholding firm comprising a number of Egyptian and Arab investors, who implemented more than 250 real estate projects in Egypt, Turkey, Saudi Arabia, Kuwait, and the United Arab Emirates.

Entrada, means entrance in English, is being implemented over 72 feddans within a timeframe of three years and a half, with investments worth 10 billion pounds, the company’s board member Walaa Alami told Amwal Al Ghad on Wednesday.

“The project is to include about 3,000 housing units, with various spaces ranging between 125 square metres and 220 square metres,” Alami further added.

“The first phase will be launched within the middle of next month and it will encompass around 300 units,” he stated, referring that Sorouh also plans to market 1,000 units of Entrada this year.

In addition, Alami clarified that his company seeks to pump investments worth more than 600 million pounds within this year.

Located some 40km (24.8 miles) to the east of Cairo, the under-construction new capital 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.

The city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches, a 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.