Tameer targets achieving sales of EGP 1.5bn from its new project in the Fifth Settlement district of New Cairo, according to Managing Director Antoine El Khoury.
El Khoury told Daily News Egypt that the project is on an area of 20 feddans and includes 47 buildings, constituting 530 apartments and penthouses.
El Khoury added that the company has acquired the building permits for the project and it is being implemented.
He pointed out that the project will be delivered by the end of 2019.
“The company is currently preparing to launch Diar project in Sixth of October city,” El Khoury noted.
The project is being marketed exclusively by ERA Commercial Egypt.
For his part, ERA WEST Associates Managing Director Ashraf Diaa said that Azad is being developed over four phases, noting that the first phase is already sold out and the company will market the second phase in conjunction with Cityscape exhibition, which will begin on 28 March.
He further noted that the project is considered the strongest investment opportunity today, as it combines the main pillars of correct buying decisions.
Diaa added that its location is very strategic, in the heart of Fifth Settlement and facing the American University in Cairo.
He pointed out that the project includes a community centre, running track, swimming pools, and other facilities. Unit sizes range between 117sqm, 140sqm, 180sqm 190sqm, and 235sqm.
Tameer was founded in 1954 by the Egyptian government and is the oldest housing developer in modern Egypt. It is listed on the Egyptian Exchange. The company has delivered more than 20,000 units over the last 63 years, along with developing the Oberoi Hotel in Aswan and the old Meridian Hotel in Cairo.