Egyptian Centres for Rea Estate Development invests EGP 1.3bn in in Arab Mall expansion
Fawaz Al Hokair Group’s Egyptian Centres for Real Estate Development (ECRED) has earmarked EGP1.3bn to develop the residential component, which will be attached to Mall of Arabia. It will spread over 21.5 feddans (90,300sqm). According to Ashraf Farid, Head of Business Development, the company has submitted the project’s master plan to the New Urban Communities Authority (NUCA) and is awaiting an approval. The residential area will comprise 4-floor buildings and a 72-metre tower, featuring units ranging from 150sqm to 300sqm. Farid noted that the project will be tendered for construction this year.
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