Egypt-based Wadi Degla Developments has commenced work on a new luxurious residential compound dubbed “Promenade Maadi,” with investments worth EGP 350 mn, Invest-Gate reports.

Chairman and CEO of Wadi Degla Holding Maged Helmy stated that Promenade Maadi, which spans across 34,000 square meters, will comprise 35 buildings that will house a total of 300 units with varying modules and sizes, including duplex apartments and penthouses, according to a recent press statement on February 10.

Situated in a prime uphill location at Zahraa El Maadi, in front of Wadi Degla Sporting Club, the compound’s residents will relish access to an exclusive array of fitness and leisure facilities, including lush greenery spaces and gardens, running tracks, and a number parking slots, he noted.

In addition, Helmy revealed that the property developer has appointed two firms to carry out drilling and demolition works, concrete structures, and construction and insulation works of the residential compound, at a total cost of EGP 150 mn.

Around 20% of drilling and clearance work has been completed and is expected to be entirely finished within six and a half months, he highlighted, stressing that concrete structures, as well as, construction and insulation works are scheduled to take no more than two years.

“The company is planning to carry out the project at a swift pace while maintaining high standards to ensure all units are delivered on schedule and that it is keeping in line with the highly competitive real estate market,” he was quoted as saying.

Helmy further explained that Wadi Degla is seeking to scale up its projects in the near future, as part of the company’s efforts to remain at the forefront of property developers in Egypt and help bolster the country’s economy by making greater direct investments and offering further job opportunities.