TOREC Developments, a subsidiary of the New Urban Communities Authority, has intensified its construction activities on various projects it is developing for itself and for the Authority throughout 2024, Invest-Gate reports.
According to Eng. Mohamed Anwar, the executive director of TOREC Developments, the company has unveiled contracting works for the fiscal year 2023-2024 valued at 750 million EGP. Some of these tasks have already been finished, and ongoing works totaling 600 million EGP are progressing on schedule.
Anwar emphasized the company’s commitment to maintaining momentum at project sites to meet contractual obligations with clients and to ensure that service projects commence on time. He also noted that TOREC aligns with the strategy of the New Urban Communities Authority, which aims to accelerate development and create thousands of job opportunities.
“The total investments for the projects currently undertaken by the company amount to approximately 4 billion EGP,” Anwar said. He added that the company allocated 308 million EGP for structural works in the “T Pearl” project to Al-Aqsa Company, along with utility works worth 56 million EGP to an international firm. Progress on these tasks has reached about 60%.
He revealed that TOREC will invite specialized companies to tender for landscaping works at the project next June. The “T Pearl” compound is located in the Green Belt area of Sixth of October City, covering an area of 11 feddans. It features 21 buildings comprising 62 units, including townhouses, twin houses, duplexes, and standalone villas.
Anwar stated that the company aims to achieve sales exceeding 1.3 billion EGP from the T Pearl project. He added that TOREC has completed around 90% of the T Square mall in Sheikh Zayed, with plans to open it in March 2025. The investment in T Square has surpassed 200 million EGP, encompassing a land area of 2,400 square meters. The mall, which includes a ground floor and three additional floors, offers shops of various sizes starting from 30 square meters. Each floor covers an area of 900 square meters, and the total leasable area exceeds 4,000 square meters. Furthermore, the company is also working on the Steps project in West Cairo.
Manal El Akhras, the head of the engineering sector at TOREC, stated that only 10% of the T Square mall has been marketed. The decision to pause sales was made due to high demand, with the company preferring to offer the remaining units after the mall’s complete finishing.
She further noted that for the T Pearl project, TOREC is focused on providing the highest level of services along with ample green spaces to ensure a healthy environment for customers, with the building ratio of the project not exceeding 15%.
In terms of villa designs, the detached villas start from 350 square meters, while the twin houses begin at 240 square meters and townhouses at 230 square meters. The duplexes feature an innovative model that includes a ground floor and two upper levels, with separate entrances and elevators. Customers can choose between units with gardens or rooftop units, with sizes starting at 190 square meters.