By: Abdallah Bedier
Cairo – Mubasher: Arabia Holding Group is looking to invest EGP 500 million in its flagship project Galleria in New Cairo during 2019, the company’s chairman said.
The real estate developer thus far has already pumped EGP 2 billion into the project, Tarek Shoukry added on the sidelines of a press conference in Cairo.
The Egyptian real estate group has delivered the first phase of the project and completed 90% of the second phase, set for delivery in December, Shoukry highlighted.
The chairman revealed the launch of the fourth and sixth phases with nearly 600 units, pointing out 60% of the buildings there are completed and they will be finished by 70% by the end of the year.
The first phase was handed over with 300 units and the second phase will be delivered within weeks with 300 units as well, he said.
He added that a sports club is being designed over 30,000 square metres as part of the project, stressing that the commercial business of the project will be implemented next year.
Spanning 75 acres in New Cairo, Galleria is being constructed and sold in seven phases with around EGP 5 billion in investments.
Arabia Holding had launched its projects Sun Capital and Galleria at Cityscape 2018 last March.
Translated by: Mai Ezz El-Din
