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Arabia Holding to direct EGP1.5bn in Sun Capital, Galleria projects in 2019 - Daily News Egypt

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Arabia Holding to direct EGP1.5bn in Sun Capital, Galleria projects in 2019

Sun Capital’s sales EGP 3.7bn since its launch

Arabia Holding is a developer of administrative and commercial buildings in New Cairo and plans to direct EGP1.5bn in its two projects, Galleria and Sun Capital, during 2019, according to Tarek Shoukry, chairperson of Arabia Holding.

During a tour inside the Galleria project, Shoukry said that the company is operating according to a mechanism based on high performance standards in all projects. This is done once the licenses are obtained and the company’s projects are delivered ahead of its scheduled time.

Shoukry explained that the company directed approximately EGP 2bn in the Galleria project since the start of its establishment and expects to direct more than EGP 500m next year.

Additionally, he elaborated that the company delivered Galleria project’s first phase, and implemented about 90% of the second phase, which will be delivered in December. Moreover, the company acquired all project building licenses.

Furthermore, he mentioned that the Galleria project is spread over 75 feddan in New Cairo, and is being developed over 7 phases with investments of EGP 5bn. “The company paid the land’s full value, and finalised full project services and utilities, including gas and telephone networks,” Shoukry explained, “The company is launching the fourth and sixth phases, which include about 300 units in each phase.”

The implementation rates for both phases reached 60% and the marketing ratio is expected to reach 60% of the total project next year. He remarked that the Galleria project’s first phase includes about 300 residential units which were delivered to the customers. Shoukry further expressed, “the company is preparing designs of a sports club for the project, and aims to ensure multiple activities and new ideas. The club is being built on about 20,000 sqm.” He also divulged that the company targets initiating the implementation of project’s commercial section next year.

Regarding the Sun Capital project, Shoukry stressed that the company has started its construction and that it is close to the pyramids area and the Grand Egyptian Museum, in west Cairo.

He announced that the company plans to allocate over EGP 1bn to the project next year, and that presently they are constructing the foundations of 10 buildings. and undertook substantial excavation and earthwork. This included about 1m cubic metres of sand and the removal of 60 buildings. Additionally, the company connected the land with utilities such as water and electricity.

Arabia Holding has obtained licenses for 41 buildings, and is close to obtaining the licenses of 37 other buildings in a few days. It is also preparing the construction designs for 57 independent villas and townhouses. Shoukry said that this covers all the units that have been marketed, as well as others which have yet to be offered. Plus, he explained that the company has marketed 1,556 units with a value worth  EGP 3.7bn in Sun Capital since it was put up for sale, representing about 20% of the project through two offerings in 2018. The next offering will be in 2019, noting that they have a long queue on villas.

Shoukry said that the company expects to achieve sales value ranging between EGP 5bn and EGP 6bn of its projects during the next year. The company’s total land bank is about 5m sqm.

Also, the Sun Capital project won the Best Hotel Design Award inside a residential project in the Middle East. This award is given once a year, and is a choice between many projects in the Middle East. The Sun Capital project includes the Fairmont, Holiday Inn, and the InterContinental.

It has completed Tycoon, an administrative building in Downtown Mall, the Fifth Settlement. The company completed its construction, and all related utilities were fully developed and will be marketed next month. It covers an area of about 20,000 sqm. Part of the project will be offered for rent, and one of the specialised companies affiliated to the company will manage the project. Furthermore, the company has already completed an administrative building and leased it to EG Bank.

The company is also developing a new administrative building for the company to move into, and the remaining part will be rented by the beginning of next year.

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