CEO of Wadi Degla Holding Maged Helmy said the firm is allocating EGP 5.3 bn for construction works of its projects in Egypt in FY 2019/20, Invest-Gate reports.

For Wadi Delga, 2019 is dubbed as the “Year of Accomplishments and Deliveries,” in line with the company’s plan to deliver around 2,200 units in seven residential and touristic projects, in addition to increasing the implementation rates at one of the company’s flagship projects, Neopolis, in Mostakbal City, east Cairo, Helmy said during a press roundtable on March 18.

The CEO noted that roughly 1,790 units are expected to be delivered at Neopolis in 2020, as construction works double during the first three months of 2019 compared to 2018. He explained that the project covers 545 acres and comprises 15,000 residential units, ranging between apartments and duplexes, with an investment value of EGP 20 bn.

Meanwhile, conformity assessment for 22 buildings in Promenade October, which represents almost half of the compound, has been completed while the conformity assessment for the rest of the project will be finalized within a month, Helmy highlighted, confirming that the project’s entire delivery to be completed in 2019.

Promenade October expands over 233,000 square meters in west Cairo and comprises 960 housing units with the first phase’s total investments amounting to EGP 745 mn.

“Wadi Degla will also start delivering Promenade New Cairo, located at the heart of New Cairo, in December 2020. It comprises 1,000 residential units on over 140,000 square meters of land, with investments worth EGP 1.35 bn,” the CEO noted.

Concerning its touristic projects, Wadi Degla will start delivering 300 units – or half of the first phase’s units – in 2019 at Murano Ein El Sokhna, its second project in Ain Sokhna. The compound extends over 470,000 square meters and includes around 2,000 units and a touristic hotel, with total investments valued at EGP 1.8 bn, he elaborated.

Helmy also uncovered that the first phase of Blumar El Sokhna, located in Red Sea’s Ain Sokhna, has been entirely completed, with units already been delivered during 2018, while the rest will be entirely delivered in 2019. The project spans across nearly 1.1 mn square meters and encompasses 3,000 units, with investments worth EGP 2.8 bn.

“Meanwhile, Blumar Hills, overlooking Galala Mountain, is built over 45,000 square meters of land and will be delivered during the second half of 2019. The project is home to 190 residential units,” he added.