Alkan Group has set its estimated investments into the Citadel Plaza real estate project at $600m over the next five years, according to chairperson and managing director Khaled Nossier.
Nossier said that Alkan recently launched the construction of the administrative building in phase two of the ongoing project, adding that the group has begun construction work on the commercial areas to be followed by the construction of the project’s hotels.
The administrative area’s size in the first phase of the project reached 6,000 sqm, which was allotted for companies and international brand stores.
Nossier noted that the project’s total investments amounted to EGP 3bn and that the majority of the project would be located in Moqattam near the Citadel.
He pointed out that the project will assist in developing the Citadel region. In addition, to the commercial areas the project will include a culture centre of art and modern administrative offices that are being developed according to international standards.
The project aims to provide 15,000 jobs throughout the construction period.
The project’s 5-star hotel will consist of 320 rooms, conference halls, and an exhibition centre.
Besides this, other additions include a shopping mall, restaurants, a children’s area, and a sports and health resort.
The project’s parking lot will be designed to hold 7,000 cars at maximum capacity.