MARAKEZ for Real Estate Investment, one of the largest malls and commercial developers and operators in Egypt, announced the official opening of Town Center on December 1, Invest-Gate reports.
Located on Cairo-Ismailia Road, the on-the-go retail destination stretches over approximately 64,000 square meters, with over 25,000 square meters of gross leasable area, to serve more than 2 mn people living and working within the area, coming with total investments of EGP 260 mn, according to the company’s recent press release.
Town Center includes a variety of retail outlets for fashion, cosmetics, electronics, home accessories, MARAKEZ noted.
“Town Center is a convenience mall that will transform the retail and leisure landscape of this area, serving residents of Gesr El Suez, El Nozha El Gedida, El Salam City, Ain Shams, and Shorouk City,” read the statement.
Speaking of the newest addition, MARAKEZ CEO Basil Ramzy stated, “The lack of organized retail and the densely populated area were drivers for MARAKEZ and its main partners for establishing an organized commercial center as an alternative to the current decentralized retail offerings. Town Center supports Egypt’s socio-economic vibrancy by catering to the needs of its local communities.”
Currently, MARAKEZ is implementing a strategic investment plan in Egypt of more than EGP 20 bn, focusing on projects in Cairo and other governorates, with a new mall projected to open every year such as Mall of Tanta in 2019 and Town Center in 2020.
This comes on top of Mall of Katameya and Mall of Mansoura, which are set for inauguration within the upcoming two years.