Times Developments Acquires 3 Companies to Launch 3 New Projects

Times Developments Acquires 3 Companies to Launch 3 New Projects

Times Developments acquires three development companies, namely Egyptian Developers, Mass, and Connex, with a total area of 258,955 sqm, Invest-Gate reports.

According to the acquisition, Times has two plots in New Cairo, one of them in the Golden Square area, and the other in the North Coast. The company will develop these plots by launching three mixed-use projects with EGP 12 bn within the next four years.

The acquisition helps support Times’ future expansion plans in Egypt, especially in the East and West Cairo and the North Coast. It also raises the company’s customer base and maximizes the value of the undeveloped land portfolio.

Additionally, the Board of Directors of Times Developments expresses its pleasure with the acquisition of the three companies, as it is a new step towards achieving a new expansion in the Egyptian market. Further, this acquisition helps the company overcome the latest challenges.

Times will start work on Aster project in New Cairo in 2022. The company will offer phase I of the project to be delivered in 2024. The real estate developer also targets to achieve EGP 500 mn in sales in 2022 and EGP 2 bn in 2023. Moreover, the second project will be launched in New Cairo in 2023.

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