The Land Developers (TLD), a privately-owned corporate company specialising in investment, development and management of upscale residential and commercial real estate projects, made its debut in the Egyptian market by introducing its latest project, Armonia, in the New Administrative Capital (NAC).
This is the first project announcement for the joint stock company that gathers shareholders of El Tayebi Developments with 40%, Bosch A-Part with another 40%, and the Steel and Concrete Company with 20%, who are investing a total of EGP 3bn in the development of the Armonia project.
During a press conference held on Wednesday, Chairperson Ahmed El Tayebi said that the project investment amounts to EGP 3bn and targets EGP 6bn in sales.
El Tayebi added that obtaining the ministerial approval for the project implementation is underway, and expects to acquire it in the coming few days. He noted that the company has paid 20% of the project’s land cost.
The project, developed on 41 feddan with seven-floors buildings for a total of 1,750 apartment units, will also offer a variety of facilities and entertainment services all complimenting the idea of life within a park by maintaining more than 80% green spaces, said El Tayebi.
He pointed out that the company targets achieving EGP 1bn in sales of the project in 2019, adding that the project will be launched for sale and marketing in April.
“El Tayebi Developments is already a well-established name operating since 2006 with completed high-end projects in the finest districts of Maadi to New Cairo, West Golf, and Alexandria. El Tayebi’s strong portfolio of boutique developments which started out catering mostly to an expat clientele with specifically tailored foreign standards has added to their industry expertise with a unique approach of implementation very distinctive to the market,” he stressed.
El Tayebi’s first development project came in 1989 when he built and operated two Nile cruises in Upper Egypt.