By Hamed Mahmoud
EGYGAB Developments has revealed it has signed a contract to purchase a plot of land in East Cairo with an area that is over 83,000sqm from Madinet Nasr for Housing and Development (MNHD), at the price of LE10,000 per sqm. EGYGAB intends to launch a new residential project on this land in East Cairo. The signing ceremony witnessed the attendance of Eng Sharihan Gaballah, CEO of Sokon / EGYGAB Developments, Eng Mohamed Gaballah, Chairman of EGYGAB Holding, and Eng Ahmed Al-Hitmi, CEO of MNHD.
EGYGAB Developments aims to achieve a positive impact and develop new and fully integrated residential projects with leading concepts and the highest standards of quality. The company fulfills the needs of its clients who have placed their trust in EGYGAB since its establishment 44 years ago. EGYGAB plans to develop a project that includes about 1600 residential units, with areas that range from 70 to 170 square metres.
The project is to be located inside “Taj City”, which is an integrated residential project that includes various commercial services, administrative buildings, and entertainment facilities. The project is scheduled to be launched during the third quarter of 2021 before the end of the current year.
There are several advantages of Taj City, which motivated EGYGAB Developments to purchase this plot of land. Taj City is in close proximity to Heliopolis, Nasr City, New Cairo, and the New Administrative Capital, as well as the Cairo International Airport.
On this occasion, Eng Gaballah, CEO of Sokon / EGYGAB Developments, said, “We are always keen to invest in projects that offer our clients distinctive quality and unique living standards. EGYGAB Developments utilises the latest technologies. Additionally, we selectively choose the locations of our projects to be near all types of services. This makes our projects easily and safely accessible from various neighbourhoods due to the newly established roads’ network.”
EGYGAB Development owns many residential and commercial projects, including “Family City” and “The Fount Mall” situated inside the project in the northern investors’ area in New Cairo. The project that has an area of 16 acres is located near Al Mostakbal City, the Administrative Capital, and Maadi, in addition to all services and facilities. It is worth mentioning that the company has delivered all the units of the project. This is in addition to “Granda” project that occupies a surface area of 19 acres in a distinctive location in El Shorouk City. All units of the projects have also been delivered before scheduled dates. EGYGAB Developments is now constructing “The Edge Mall” that is situated inside “Granda” project. The first phase of the mall has been completely finished. Commercial units of the second phase would be launched next April.