Al Wefaq launches Ver Capital Mall at EGP180mln investments
Al Wefaq Real Estate Development, a subsidiary of Al Shabrawy Group, launched Ver Capital Mall, its second projects in the New Administrative Capital, at investments worth EGP180mln, trying to replicate the success of its first project in NAC.
Abo El Shabrawy: The company owns a successful portfolio in 6th of October City, Misr El Gadida an Shobra
The first project executed by the company was an international school situated in the 3rd District over an area of 12,000 area, the first of its kind to be inaugurated and run in the New Administrative Capital. The school has already opened its doors to students this academic year.
The second project, a commercial and administrative project spread over an area of 3800 m, has been launched by the company, according to El Wefaq Real Estate Developments’ chief executive Eng. Mohamed Shabrawy.
Ver Capital Mall is built in NAC’s most remarkable locations and serves residents of the Governmental Neighborhood which consists of headquarters of 34 ministries, together with the Cabinet and the Representatives Assembly, and is minutes away from the Gold Market, the Petroleum Complex and the Tourist Boulevard, the Green River, People Square and Misr Mosque.
The 10-floor mall consists of one basement alongside 2-floor parking areas, as the projects will include the kind of brands and services that match the standing of the New Administrative Capital as a 4-generation city, he explained, noting that the company has expansion plans to unfold in the city and mulls the launch of two new projects, commercial and residential.
“The decision to enter the New Administrative Capital culminates a depeenedstudy into the real estate market and the promising investment opportunities that are made available in the 4-generation cities amidst deep interest on the part of the state in alluring local and foreign investments,” said he.
Egypt witnesses a nationwide uptick in large-scale developmental and construction projects. “That’s exactly what drove us to expand in the Egyptian market and particularly in the New Administrative Capital with wonderful miracles coming true on its soil.”
Ver Capital is a commercial and administrative project over 3800m area
El Wefaq Real Estate Development, a subsidiary of El Shabrawy Group, was founded back in 1969 by Abdo Al Shabrawy.
The company worked first in the field of importing building materials, and then it entered the contracting business to capitalize on the Egyptian market’s real estate upsurge. It became a real estate developer 25 years ago.
With the help of its wide experience, the company managed to gain the trust of customers owing to its residential and mixed-use projects and to thegroundbreaking projects it perfomred at a cost of EGP600mln.
The company carried out up to 1400 residential units and 715 administrative and commercial units together with villas, chalets, hotel apartments. Further still, the company executed mixed-use buildings and has built projects in 6th of October City, Misr El Gedida and Shobra.
El Wefaq inaugurated its first international school in NAC’s 3rd Residential District
The company is one of the few forerunners who started to develop mixed use projects, he explained, adding that its projects include a residential, housing, administrative and commercial complex in 6th October City, locatednearby Hosaray Mosque and 6th of October University over an area of 7792m.
The 6-building complex comprises 109 housing units, 86 offices, 158 shops. The company also developed a residential city in Shobra District over an area of 18000 m with 18 mixed-use buildings, 801 housing units, 801 housing units, 178 offices and 135 shops. The entire project was delivered back in 2008.
Additionally, the company built a residential complex with 5 towers consisting of 400 units, 75 offices, 75 shops and Ocean Blue resort in the North Coast’s Marina 3 over an area of 30.000 m.
The resort comprises 14 chalets, 24 fully-finished villas, 300 fully-finished hotel units, 3 towers, residential, administrative, in Misr El Gadida District with up to 51 housing units.
In respect to educational services projects, the company built Tajan Azharian Languge Institutes in5th Settlement’s Nargis 1, and Pillars 7 School inNAC’s 3rd District.
