Valda Development to pump EGP700mln in a new mall
Valda Development seeks to inject EGP700mln in the construction of first mall to be built on the Middle Ring Road at the Fifth Settlement, according to chairman of Valda Development Eng. Mohmed Shehata.
Valda Developments is executing this project while creating open areas, ' outdoor spaces', for use by all stores of the mall to keep abreast with public hygiene rules as well as coronavirus-based guidelines.
"The company has got welcoming responses since reservations in the project kick-started. It received a lot of ordersfrom people investing in the project in the face of Covid-19 pandemic," said Shehata.
Clients lauded this innovative product saying it must be of a quality matching Valda Developments' outstanding track record, as it was preceded by extensive studies, he explained.
The project makes use of 20,000 m land, a part of which constituting 40% of the whole plot of land, is a built-up area.
"The company has a plan for expanding into East Cairo, particularly in the New Administrative Capital."
A wider interest in the New Administrative Capital in terms of number of clients or investors is expected to be generated during 2021, he elaborated.
" Property prices in NAC will rally in view of its upscale infrastructure including roads and constructions, as well as its distinguished location. NAC is the natural extension of East Cairo and the Fifth Settlement districts which are already replete with projects and bids."
On the other hand, chief executive of Valda Development Eng. Mohmed Abd El-Moneim said that the company will kick-off construction works at the site of the new mall project during the first quarter of 2021, while the delivery of its units is scheduled to take place in the span of three years.
"Units in the new mall will either be rented out or sold, with units constituting 30% of the mall will be up for sale and are estimated to generate EGP400mln revenues" he added.
" Valda Development seeks to be ranked among Egypt's top ten property firms in terms of quality, trust, commitment and customer satisfaction."
