Orientals for Urban Development (OUD) will inaugurate its commercial Side Walk Mall in 2020, according to Asser Hamdy, executive chairperson at OUD.
Hamdy said that Side Walk Mall will include commercial and administrative buildings and is situated in Golden Square, New Cairo, close to the New Administrative Capital.
“The project is being developed on an area of 20,000 sqm, with a retail area of 7,000 sqm,” noted Hamdy, adding, “the mall’s investments amounted to EGP 350m and the company has started its construction.”
Hamdy pointed out that the project will also include underground garages. The mall is being developed by Knowledge, Vision, Research, Development (KVRD), in cooperation with OUD, and includes about 20 shops and 30 administrative offices. It is being marketed by B2B for Investment and Real Estate Marketing.
The company has already marketed about 25% of the project’s units and is expected to complete its marketing by 2019, said Hamdy.
The mall is inside Fountain Park, a residential project on 55 feddans that includes 136 villas and twin houses, as well as the first dancing fountain in Egypt, according to Hamdy.
He explained that the Fountain Park project is completely sold out; however, six units are still being developed and will be delivered by the beginning of 2019.
Hamdy noted that the built-up area of the project reached 17% of its total area.
“The company has recently launched its new project, Azadir, in New Cairo and will launch its first project in the New Administrative Capital soon,” Hamdy told Daily News Egypt. “The company is very interested in real estate export through participating in external exhibitions, such as the International Property Show in Dubai and another exhibition early this month in Kuwait. Furthermore, the company targets selling 30% of its units to foreigners in 2018.”
OUD, a joint-stock company, was established in 1994 to capitalise on the real estate boom in Egypt. Since then, OUD has blossomed into one of Egypt’s largest real estate and urban development companies, with investments in excess of $3.1bn.