Mon, 15 Mar 2021 - 03:57 GMT
A model of the New Administrative Capital displayed for investors during the final day of Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh - Reuters/Amr Abdallah
CAIRO – 15 March 2021: Modon Developments Company intends to invest about LE 1 billion in a hotel project in the New Administrative Capital.
The company which is an Egyptian-Kuwaiti partnership, targets about LE 1.5 billion in sales from the project.
Head of the company's commercial sector, Osama Tarek, , said in a statement, Monday, that the project comes as a prelude to the company's plan to implement a number of real estate projects in the New Administrative Capital, with initial investments exceeding LE 5 billion.
Tarek added that the project will be built on an area of 9,761 square meters, and it consists of 191 hotel units, indicating that the implementation of the project will start early next May, provided that its implementation will be completed by 2024.
The head of the commercial sector of the company pointed out that the international group Fazil will manage and operate the hotel, while Mimar Engineering Consultants will undertake the designs of the project, in addition to supervising its implementation.
Tarek noted that the company aims to pump new investments of about LE 3 billion in two projects in the New Administrative Capital during 2021, with targeted sales of about LE 5 billion.