Times Developments announced signing a partnership agreement with Shadad Group, one of the largest Lebanese companies specializing in constructing real estate projects in the Middle East and Europe, Invest-Gate reports.

The partnership aims to commence the concrete works for the first phase of the ASTER Project, which is located in the Golden Square in New Cairo on an area of 35 acres.

Through the partnership with Shadad Group, Times Developments seeks to accelerate the construction pace of the ASTER project, in adherence to the agreed-upon schedule for completing the first phase within a specified timeframe.

For his part, Rami Atallah, Projects Manager at Times Developments, emphasized that the project is a comprehensive residential project that offers a range of unique services, and with total investments exceeding EGP 3 bn.

Also, the project’s built-up area (BUA) is approximately 15% of the total area, in addition to having a clubhouse and a distinguished commercial area to serve the project. It is committed to sustainability and continuous development standards.

To expedite the project’s progress, an initial investment of EGP 250 mn has been pumped for the concrete structure works. This new project is part of a series the company plans to launch next year in New Cairo.

“We share a common vision and goal of delivering a distinguished product that meets customers’ needs,” Atallah added.

Furthermore, Patrick Shadad, the Chairman of the Board of Directors of Shadad Group, expressed his pleasure in collaborating with Times Developments. He affirmed that it is a new achievement in their journey to cooperate with a major company like Times Developments, especially in one of the most important projects in New Cairo.

Times Developments has a unique vision in selecting the location and area, encouraging them to seek entry and contract with them after their visions align, Shadad commented.