Hometown Developments is to commence construction works in the Lafayette Mall project in the New Administrative Capital (NAC) next July, with total investments of approximately EGP 5.5 bn, Invest-Gate reports.

Hometown Chairman Diaa Farag clarifies that the company’s strategy focuses on accelerating the implementation rates of its projects, explaining that the company is currently studying acquiring a new land plot in NAC with an area ranges from 10 to 20 acres to establish an integrated commercial project.

Additionally, the company aims to direct investments towards coastal areas, especially in New Alamein City and Hurghada, with areas of up to 100 acres in the current year, which will maximize the company’s land portfolio.

Moreover, Farag reveals that the company retains 40 to 50% of the project to add to its investment portfolio, noting that the success of Hometown Company is based on six basic principles; commitment, quality, creativity, interest, trust, and diversity in projects.

For her part, Development Manager at Hometown Developments Basma Elghannam reveals that the company has completed excavation work on the Lafayette project site. The project encompasses recreational commercial services with investments worth roughly EGP 5.5 bn, as 50% of the project’s total units have been sold out so far.

Elghannam points out that the company has launched The Village project on a 22,000-sqm built-up area. The project is a commercial building dedicated to restaurants and cafes in the downtown area at NAC.

Furthermore, the Village Mall comprises six floors, includes sales areas starting from 40 sqm for commercial units and 60 sqm for restaurants. Moreover, the project includes a complex for the largest cinema halls in Egypt, which were designed under the supervision of Cludio Violante.

The cinema halls are part of the important entertainment activities in the project, which includes a cinema complex includes 10 halls with international designs and specifications, accommodating 1,000 people, she explains.

“Implementation rate of Zaha Park project reaches about 50%, as it is planned to begin the project delivery in mid-July 2022,” Elghannam discloses.

It’s worth mentioning that the project is being built on 7,200 sqm with a built-up area of 21,500 sqm. Furthermore, Zaha Park comprises commercial, administrative and medical units, as well as, the company has managed to market about 68% of its total units so far.