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The companys inaugural project spans 90 acres Egyptian private developer Kleek Developments, a newly launched joint venture between Emaar El Delta for Real Estate Investment and Style Home Development, unveiled its first project, Noll New Cairo, on Sunday. The 90-acre project, located in the Sixth Settlement, is set to feature 4,000 residential units, as well as shops, clinics, and offices. The project will include 4,000 residential units, along with shops, clinics, and office spaces, board member Hussein Dawood told Zawya Projects. Enabling works have begun, and the development is expected to be completed in three years, spanning four phases, he said. Though he didnt disclose the project cost, Dawood said the company plans to invest 500 million Egyptian pounds ($110 million) in construction through 2025 and anticipates EGP8 billion ($159 million) in sales revenue from the first phase alone. “Kleek Developments will rely on self-financing to execute its projects, ensuring financial stability and adherence to timelines regardless of market conditions or marketing performance,” he said. Yasser Al Beltagy Architects (YBA) has been appointed as the project’s engineering consultant, while MRP will oversee project management. Dawood said the company has set a target of investing EGP100 billion ($2 billion)in Egypt’s real estate sector over the next five years to achieve a diverse portfolio, with the next set of projects likely to be launched in the North Coast and the New Administrative Capital. We will expand our portfolio by studying available investment opportunities and adding suitable ones to our land bank, which currently stands at 150 feddans,” he said. (1 US Dollar = 50.22 Egyptian Pounds) |
