Dolmen Developments intends to step into the Egyptian property sector with the execution of three administrative and commercial projects in the New Administrative Capital (NAC), aiming to invest more than EGP 1 bn, Invest-Gate reports.
Located in the R3 residential district, overlooking NAC’s Green River, the first project is called “The Pier Mall,” spreading across 3,000 square meters and comprising over 150 stores, coming with investments estimated at EGP 400 mn, Abdelazim Khalil, the company’s chairman, said in a recent press release.
Since its launch a few months ago, the commercial complex ascertained great consumer demand, Khalil pointed out, highlighting that the developer generated nearly EGP 180 mn after marketing around 30% of The Pier Mall. Accordingly, Dolmen Developments allocated EGP 30 mn for construction works in 2021.
Developed over 2,500 square meters, and with investments surpassing EGP 300 mn, the second NAC project will encompass 120 commercial units in the R3 neighborhood and will be launched in Q1 2020. The third one, however, will be situated in the same zone, spanning across 3,400 square meters, the chairman revealed, stating that it is poised for kick-off by year-end. Most importantly, built-up areas of all developments do not exceed 18%, he emphasized, confirming that most of them include many administrative units as well.
“All projects are self-financed, as Dolmen Developments is a solvent company that does not intend for bank lending,” Khalil further stated, concluding, “We are in talks with the housing ministry to acquire a decent residential land plot, in line with our wider plans for diversification.”