Afaaq Construction and Real Estate Investment has announced the launch of the 2,300 sqm Amorada Mall, located at its Amorada residential project in New Cairo.
Afaaq Chairperson Osama El Etreby said that Amorada Mall is the commercial part of the project.
In a press conference, El Etreby added that the mall aims to provide basic services to the project’s residents. It features supermarkets, pharmacies, cafes, and bank branches, with the company intending to sell the mall’s units.
He said that Amorada, which was constructed with total investments amounting to EGP 600m, boasts a built-up area of 22.5%, and includes 272 units of varying areas. The residential project was launched in the first quarter (Q1) of 2018, with delivery planned by the end of 2022. With this actually occurring in early October 2020, the company has, however, delivered well ahead of schedule.
“The company has 25 years of experience in the real estate market, during which it was able to develop various projects in multiple locations, including the North Coast and Ras Sidr,” El Etreby said, “Moreover, the company has an ambitious plan to be present in new areas such as New Alamein and the New Administrative Capital (NAC) in the coming period.”
He also said that the company owns a number of housing projects in the Delta Governorates, including Kafr El-Sheikh. In addition to this, it has developed the Nasr Towers project in Mahalla, Gharbeya Governorate, which includes 880 housing units, commercial activities, and a garage area.
This is in addition to Afaaq having developed a number of tourism projects along the North Coast, El Etreby said.
The company owns a land bank of 42 plots in the North Coast area, and is currently studying the investment opportunities there with which to develop a new project as part of its project portfolio diversification, he disclosed.