Wadi Degla City for Urban Development, a subsidiary of Wadi Degla Clubs, which in turn is part of Wadi Degla Group, targets achieving EGP 100m in rent revenue from its The District project.
Fadi Alfonse, CEO of Wadi Degla City for Urban Development Company, told Daily News Egypt that the company aims to develop similar projects to The District next to Wadi Degla Sporting Clubs.
On Monday, Wadi Degla City celebrated the re-launch of The District project located in the Sheraton, Heliopolis area over a total area of 200,000 sqm.
Alfonse said investment in the project amounted to EGP 300m. The project was launched in 2014 to serve the residents of the Heliopolis area.
Alfonse explained that the idea of the project is based on establishing an open park with a large number of food and beverage vendors and fast food restaurants . In addition, it includes social and sports clubs and the construction of the remaining parts of the project is expected to conclude within two years.
The company restructured the project in 2017 and focused on the retail sector. The District includes a large number of shops, shopping centres, basic services, leisure activities, restaurants, cafes, fast food restaurants, gymnasiums, hypermarkets, and parks for children. It also includes brands like Decathlon Egypt and Lulu Hypermarket. All the units are for rent and not for sale because the project’s land is under an usufruct system.
The project is located next to the Wadi Degla Heliopolis Club, which has about 100,000 members and is close to Cairo International Airport to serve transit passengers. It also has an allocated space for establishing an international school to serve the residents of the area.
Alfonse added that the company is planning to expand The District’s model in several locations across the republic with the expansion of establishing Wadi Degla clubs, becoming the commercial activity next to most of the new clubs to be established.
“The expansion plan will start at the beginning of next year through launching two new branches, which are under study to be implemented next to Wadi Degla clubs in Alexandria and New Cairo and the appropriate area will not be less than 100,000 sqm per project,” said Alfonse.