Company considers obtaining a new plot of land in New Capital with area ranging from10-20 feddans, says Farag
Company has marketed 50% of Lafayette project so far, says Elghannam
Hometown Developments intends to begin construction works in Lafayette Mall project in the New Administrative Capital (NAC) next July with a total investment worth approximately EGP 5.5bn.
Hometown Chairman Diaa Farag said that the company’s strategy focuses on accelerating rates of implementation in its projects and directing major investments in construction to ensure compliance with its clients and delivery on time.
Farag added that the company is currently studying acquiring new plot of land in the NAC with an area ranging from 10 to 20 feddans to establish an integrated commercial project. Additionally, the company aims to direct investments towards coastal areas, especially New Alamein city and Hurghada, with areas of up to 100 feddans in the current year, which will maximize the company’s land portfolio.
He explained that the company’s vision depends on providing the most distinguished real estate product at the level of the local market, in order to serve the process of development and growth in the country.
He revealed that the company retains 40% to 50% of the project to add to its investment portfolio, noted that the success of Hometown is based on six basic principles; commitment, quality, creativity, interest, trust and diversity in projects.
He highlighted that the company was able, thanks to the application of these principles in all its operations, to enhance its position, added, “We always work according to our motto “We invest in the future”.
For her part, Development Manager at Hometown Developments Basma Elghannam said that the company has completed excavation work in Lafayette project site. The project encompasses recreational commercial services with investments worth roughly EGP 5.5bn, as 50% of the project’s total units have been sold out so far.
Elghannam added that the company has launched The Village project on a 22,000-sqm built-up area. The project is a commercial building dedicated to restaurants and cafes in the Downtown area at the New Capital.
Comprises six floors, The Village mall includes sales areas starting from 40 sqm for commercial units and 60 sqm for restaurants. Moreover, the project includes a complex for the largest cinema halls in Egypt, which were designed under the supervision of Cludio Violante. The cinema halls are part of the important entertainment activities in the project, which includes a cinema complex includes 10 halls with international designs and specifications, accommodating 1,000 people, she explained.
She further noted that the Lafayette and The Village projects were designed on sound operational foundations and standards to ensure their operation with the highest efficiency to attract international brands.
“Implementation rate of Zaha Park project reaches about 50%, as it is planned to begin the project delivery in mid-July 2022,” Elghannam disclosed. “The project is being built on 7,200 sqm with built-up area of 21,500 sqm. Furthermore, Zaha Park comprises commercial, administrative and medical units, as well as, the company has managed to market about 68% of its total units so far.”
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