Wadi Degla Holding will invest EGP 5.3bn in construction projects in the fiscal year (FY) 2019/20, Invest-Gate cited the Chairperson and CEO of Wadi Degla, Maged Helmy.
During a roundtable discussion, Helmy announced 2019 as the Year of Accomplishments and Deliveries since Wadi Degla will deliver around 2,200 units in seven residential and touristic projects, in addition to speeding up the implementation rates in one of the company’s biggest projects, Neopolis compound in El Mostakbal City.
Helmy noted that around 1,790 units are expected to be delivered at Neopolis by 2020, with the construction work doubled during the first three months of 2019, compared to 2018.
He stressed that Wadi Degla aims to achieve a feat in the construction sector through its residential and touristic projects, as the company’s projected construction spending in 2019 and 2020 was estimated at EGP 5.3bn.
Moreover, the conformity assessment for 22 buildings in the Promenade Residence – around half of the project – has been completed, while the conformity of the rest of the project will be assessed within a month, with the project’s entire delivery to be completed in 2019, Helmy said.
The project was built on an area of 233,000 sqm and includes 960 housing units, with the first phase’s total investments amounting to EGP 745m.
He also revealed that the first phase of the Blumar El-Sokhna project has been entirely completed, and the company sent 600 delivery letters to clients, with earlier units already delivered in 2018, while the rest will be delivered in 2019.
The project was built on an area of around 1.1m sqm and includes 3,000 units with total investments of EGP 2.8bn.
For Neopolis, Helmy said it is one of the company’s biggest projects, built on 545 feddan and consisting of 15,000 residential units ranging between apartments and duplexes, with an investment value of EGP 20bn.
As to the company’s touristic projects, Wadi Degla will start delivering 300 units in 2019 in its Murano Ain El-Sokhna project, which is considered half of the first phase’s units. The project extends over 470,000 sqm and comprises of around 2,000 units, in addition to a hotel, with total investments valued at EGP 1.8bn, he elaborated.
“Wadi Degla will also start delivering the units of Promenade New Cairo project, located in the heart of New Cairo, in December 2020. It contains 1,000 residential units built on an area of 140,000 sqm, with investments worth EGP 1.350bn,” Helmy noted.
“Blumar Hills Sokhna, overlooking the Galala Mountain, was built on an area of over 45,000 sqm. The project will be delivered during the second half of 2019. It includes 190 residential units,” Helmy concluded.