El Batal Pumps EGP 9 bn into Egyptian Property Market

El Batal Pumps EGP 9 bn into Egyptian Property Market

El Batal Group for Housing and Development revealed that its total investments in the Egyptian real estate market reached around EGP 9 bn so far, Invest-Gate reports.

The company targets to raise its authorized capital from EGP 600 mn to EGP 1 bn by the end of 2019, CEO of El Batal Group Emad Dous said during a press conference on March 23.

Dous also noted that El Batal Group intends to expand its projects during the current fiscal year, while finalizing the construction works of its current developments in east and west Cairo.

Works on four residential compounds, namely Rock Eden, Rock Vera, Rock Ville, and Rock Elite, are currently underway, the CEO added, pointing out that the company is keen on accelerating implementation works, and thus, delivery timings.

Rock Eden spans over 34 acres in west Cairo and features 600 apartments and 400 villas, while east Cairo’s Rock Vera encompasses 27 residential buildings inspired by Italian architecture.

Additionally, Rock Ville project is valued at EGP 600 mn and is located in Obour City. As for Rock Elite, it is considered the first integrated compound to feature serviced apartments in New Cairo, and is being developed with total investments of EGP 800 mn.

Furthermore, the company is progressing with works on four other projects in Sheraton Heliopolis, east Cairo, including Sheraton Gate, SunGate, and Sheraton Twin Wave, according to Dous.

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