Egypt-based Hometown Developments said it will begin contract sales of its newest commercial development in the New Administrative Capital (NAC), named “LaFayette Mall,” on July 2, Invest-Gate reports.

When unit reservation commenced last month, the 23,000-square-meter mall saw a tremendous turnout from a wide range of potential clients, due to the unique and strategic location of the project, Diaa Farag, the company’s chairman, indicated in a press release on June 29.

Marking the first project to be solely dedicated to commercial activities in NAC’s Downtown District, the six-story complex will comprise 300 units, Farag confirmed, noting that the project will be developed over three phases and with investments worth EGP 3 bn, scheduled for delivery in May 2023.

On his part, Hometown Developments CCO Sameh Awad revealed that project designs were carried out by Egypt’s Archrete Designs, coming with a built-up area of 42,000 square meters, according to the statement.

Commenting on the company’s other NAC projects, Awad highlighted, “We achieved EGP 800 mn in sales of Zaha Park, our first mall in the new capital, which features 60 commercial units.”

Further, Hometown intends to launch its third mall in NAC before year-end, with an area of 14,000 square meters, bringing its total investments in commercial assets to EGP 10 bn.