ADVA Developments has announced the successful completion of the initial phase of the sale of its “ADVIDA” project in New Sheikh Zayed City, totaling sales of EGP 350 mn for the first stage, Invest-Gate reports.

“ADVIDA” marks ADVA Developments’ inaugural project in New Sheikh Zayed City’s Green Belt area, covering 21,000 sqm. Completion stands at 25% of the project’s construction. The project encompasses a 525 sqm commercial center and a 1,500 sqm recreational area, designed to offer an integrated experience for all clients. Its prime location is just three minutes away from Dahshur junction, five minutes from the desert road, five minutes from Cairo University in New Sheikh Zayed City, 10 minutes from Mall of Arabia, and a mere 10 minutes from Al Ahly Club.

Ahmed El-Shennawy, Chairman & CEO of ADVA Developments, expressed immense satisfaction in contributing to the real estate sector. Despite economic challenges and global crises, ADVA took responsibility for honoring its clients’ rights, resulting in significant success in execution. The first phase, already completely sold, is part of a two-phase project scheduled for completion by 2024, targeting sales of approximately EGP 800 mn. Additionally, the company plans to inject EGP 250 mn for project completion and development in 2024.

Moreover, El-Shennawy emphasized that this project aligns with the country’s plan and Egypt’s vision 2030 for an urban and civilizational renaissance.

Notably, ADVA Developments is gearing up to unveil a new project spanning 20 acres in New Sheikh Zayed City, pending land regularization. The launch is expected in the second half of 2024 after finalizing its designs, securing ministerial decrees, and obtaining licenses.

Furthermore, ADVA possesses a domestic and international expansion plan within the real estate development sector, aiming to increase market share in West Cairo. Despite real estate market challenges, the company is dedicated to creating real estate products aligned with the new urban renaissance, meeting diverse societal needs, and aligning with the state’s vision of smart cities.