Oriental Urban Development to build EGP 350m commercial centre in New Cairo

By: Abdallah Bedier

Cairo – Mubasher: Oriental Urban Development (OUD), a subsidiary of Oriental Weavers Carpet, plans to invest around EGP 350 million in a commercial services centre at Fountain Park in Tagamoa El-Khamis, New Cairo.

The centre will spread over 7,000 metres located in a 20,000-metre building space that will embrace 19 stores and 28 administrative offices, chairman of OUD Asser Hamdy said.

The project overlooks the Golden Square directed towards Mohammed bin Zayed Road to the New Administrative Capital, he added.

The chairman further noted that licenses to commence construction of the centre had been issued and construction work already started.

The centre will comprise two-underground storeys, including a parking lot and a ground floor with a supermarket, in addition to two branches of international banks, restaurant and café chains.

The first storey will be for the administrative business and the second will include small clinics for practising medical activities, he highlighted.

The centre is scheduled to inaugurate in the third or fourth quarter of 2020 as about 25% of the project has been marketed now, Hamdy pointed out, forecasting the company to complete marketing for the centre by m9d-2019.

The anticipated centre will be implemented in partnership with B2B for Investment & Real Estate Marketing and will be designed by Lebanon-based DVR, he remarked.

The residential project has been fully marketed, he stressed, adding that the company is currently finishing about 40% of it.

OUD is subsidiary of Oriental Weavers Carpet and has been with more than $3.5 billion in investments.​

 

Translated by: Mai Ezz El-Din

Mubasher Contribution Time: 17-Apr-2018 08:12 (GMT)
Mubasher Last Update Time: 17-Apr-2018 08:20 (GMT)

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