Valda Developments plans to expand more in the Egyptian market after the success of its first project, “ROVE Mall,” which was launched last year, Invest-Gate reports.
Chairman of VALDA Developments Mohamed Shehata points out that the company aims to execute distinct residential and service projects in the next phase, remarking that the company currently reviews several investment opportunities in the New Administrative Capital (NAC), Mostakbal City, and New Cairo.
Additionally, Shehata elaborates that the company intends to acquire 40 acres to carry out a residential project in NAC, which is expected to be launched in Q1 2022 and with investments of up to EGP 3 bn.
Concerning the ROVE, Shehata mentions that the project is self-financed, besides, the company has raised the capital by 30% during last year.
The ROVE is a commercial mall span over a total area of 20,000 sqm in New Cairo, with EGP 1 bn of investment. In addition, the total buildings area is 30,000 sqm, with a height of a ground and a single floor.
In this regard, Mohmed Abd El Moneim, CEO of Valda Developments, states that the company obtained the ministerial decision and licenses for the ROVE, and has commenced the drilling work, adding that the construction work is to start during Q4 2021, and the entire project is planned to be delivered in Q1 2024.
Moreover, he declares that Akoya Developments plans to deliver the Leven Square project in Q1 2022, which is a commercial and administrative center in New Cairo, mentioning that 95% of the project construction is complete.
For his part, Ahmed El Desouky, managing director of Valda Developments, comments that the company has started marketing the ROVE in August 2020, and has succeeded in selling 60% of the total project.
Furthermore, he points out that the company plans to launch the second phase of the project during this month, which will include 40 stores; meanwhile, the first phase has included 70 stores, adding that the stores’ areas range from 80 to 100 sqm.
It is worth highlighting that Valda Developments was established in 2020 as a result of the joint venture between Akoya Developments and New Avenue.