Raaed Developments signs a contract with Esmail Tawfike-Architects (ETA) to design the integrated services area within the ROOTS project in New Sohag, Invest-Gate reports.

The partnership is part of Raaed Developments’ plan to work with creative and successful companies for its ROOTS project, in which it is investing more than EGP 200 mn.

Hisham El-Santaricy, CEO of Raaed Developments, states that his company chose to partner with ETA due to the strong experience of ETA’s owner, Eng. Esmail Tawfik, in designing commercial projects and malls in Egypt and Saudi Arabia, adding that this contract comes in parallel with commencing the project’s construction works.

He points out that Raaed aims to create a distinction between the design of residential and commercial areas of the project, to develop them as if they are two separate projects under the same umbrella. The goal is to continue creating new and luxurious ideas for residents, he maintains.

El-Santaricy clarifies that the commercial area within the project will span 3,000 sqm across four floors, including a basement, ground floor, first and second floors, and roof, revealing that the company expects the mall to be completed within two and a half years, with a total investment of EGP 200 mn.

The project’s first-year operating revenues are expected to hit EGP 30 mn. The mall will offer a range of shopping, dining, and entertainment options for tenants, he states.

El-Santaricy announces that his company plans to launch a mall with a distinguished design and high-quality interior services. The company plans not to sell units for sale, but offer them for rent, to maximize the investment return.

The ROOTS project as a whole will provide commercial, medical, and administrative services as well as entertainment venues and seafood restaurants overlooking artificial lakes.

It is an integrated urban development situated on 87,000 sqm in a prime location in the heart of New Sohag City. In addition to the mall, it will include 33 residential buildings with 496 units, including 12 villas, penthouses, duplexes, and family housing, as well as a social club.