The Egyptian real estate developer Wadi Degla Developments announced on Wednesday the launch of its flagship project, Promenade New Cairo, located in the most affluent area of New Cairo.
Promenade New Cairo is an integrated residential project that comprises more than 1,000 apartments and penthouses.
The fully finished and air conditioned units will be developed and delivered according to the highest quality standards, offering a superior atmosphere, which is incomparable to any other project in the area.
The project includes premium amenities, such as a gym, a jogging track, a swimming pool, a spa, squash courts, and car parking, among other utilities.
The chairperson of the board at Wadi Degla Developments, Maged Helmy, said in a press release, “Promenade New Cairo is the crown jewel of our tireless efforts in the last ten years, and throughout the past decade. Wadi Degla Developments was able to build a stellar reputation and an exceptional market position in Egypt.”
“The prime location, which is only 5 minutes away from Maadi and Heliopolis, is not only what differentiates Promenade New Cairo from other surrounding projects, but also the new real estate mix that the project offers to the New Cairo community. Promenade New Cairo includes premium quality amenities and superior utilities, making it an integrated residential community, where all family members will find what they’re looking for,” he added.
The total investment of the single-phase project is EGP 1.5bn.
Helmy said that, “Wadi Degla Developments owns a land bank of 8m square metres distributed over 20 projects, including projects we’ve already delivered in the past years.”
“In 2017, we intend to launch a number of new residential projects and resorts, as we aggressively implement an ambitious expansion strategy to launch a diversified portfolio of new projects in Egypt’s prime destinations, namely in Ain Sokhna, the North Coast, Hurghada, Maadi, New Cairo, and 6th of October City,” said Helmy.
Helmy also said that Wadi Degla Development’s strategy builds on the tremendous success they achieved in 2016, as their contracted sales reached EGP 4bn. He clarified that their sales target for 2017 is as high as EGP 5bn EGP.
The project will be completed in 2021.