Pyramids Developments is building four large commercial malls in the New Administrative Capital (NAC); Paris Mall, La Capitale, Champ Elysees, and Grand Square.
Pyramids is specialised in the establishment and management of commercial malls and residential compounds, said Hisham El Kholy, chairperson of Pyramids Developments.
El Kholy told Daily News Egypt that the company is close to offer some administrative units of Paris Mall soon, with total area of 6,000 sqm.
What are the updates of Paris Mall?
Pyramids Developments has begun implementing the construction works in its commercial mall, Paris, in the New Administrative Capital in early July.The new mall will be built on an area of over 32,600 sqm.
Additionally, the company achieved EGP 800m sales from Paris Mall within only 15 days after its launch.
When will the company offer administrative units in the project?
I expect that the commercial units of Paris Mall will be sold out within the next few days as customers become aware of the importance of the mall’s location within the NAC as well as its distinguished services. The mall is located within the largest residential complex in front of the Olympic Village.
We are close to offer some administrative units of Paris Mall soon, with total area of 6,000 sqm.
How much is the value of Paris Mall’s investments?
The Paris Mall investments are worth EGP 2bn.The mall comprises of commercial, administrative, and clinic units with 0% down-payment and instalments over 15 years.
What is the value of the company’s investments in NAC?
Our investments within the New Capital reached approximately EGP 6bn. We began with La Capitale compound and La Capitale Mall inside the compound. Then the company launched its first administrative, medical mall inside the NAC, Grand Square Mall, with investments of EGP 750m. We then established Champs Elysees Mall within central business district (CBD) in the NAC, and finally Paris Mall, the largest in the New Capital. The company provided its clients with unique offers, most notably was facilitation in paying the down-payment and long instalment periods after delivery.
When will the company deliver Grand Square Mall?
Grand Square is the first mall with commercial, administrative, and medical units in the CBD with total investments estimated at EGP 750m. The mall spans over 7,800 sqm and will be completed and fully delivered by the end of 2020, according to the plan set by the Administrative Capital for Urban Development (ACUD).
It worth mentioning that the mall was designed at modern French style, comprising of eight floors, including a ground floor, for mixed-use purposes, where the first and second floors allocated for shops, the third floor for medical clinics, the fourth and fifth are for administrative offices, while the sixth and seventh floors will be a hotel. The mall is distinguished by its unique location in the CBD, located directly opposite the presidential palace, the cabinet headquarters, and the governmental district, and next to the parliament. Moreover, the mall is being surrounded by universities and entertainment areas in this vital region, which the company expects it would double the investment value of the mall.
What is the value of La Capitale residential project investments?
The company is developing the La Capitale project in the NAC on 12 feddan with total investments of EGP 1.5bn. The project’s built-up area does not exceed 22% of the total project’s area, and will be delivered fully finished.
What is the company’s expansion plan?
The company’s plan to launch projects in various sectors, whether real estate, industrial, or commercial, is a natural result of the improvement of the investment climate in Egypt. Additionally, it is evidence that the market has enjoyed many promising opportunities in light of the political and security stability in Egypt recently, which motivates any investor to pump more investments. Moreover, our expansion plan was within the company’s objectives before operating in the Egyptian market.
The company intends to begin construction works in two new projects in the second half (H2) of 2019. The first is an international tourist project in a French-Spanish partnership on an area of 165 feddan, and the second is a tourism project in 265 km in the North Coast on an area of 225 feddan. Furthermore, the company has completed the construction of a model school in the city of Mahalla, Gharbeya governorate, in addition to the construction of two international schools in the NAC, the first is on an area of 9,665 sqm in the R3 district and the second is on an area of 8,500 sqm on the Green River.
The company also plans to establish serviced apartments in the Fifth Settlement, New Cairo. Moreover, we are studying the implementation of a giant industrial project in 10th of Ramadan City. Over and above, the company soon will announce its cultural project to be the first of its kind in the NAC.