Damac Properties, the luxury lifestyle provider and Middle East’s largest private sector master developer, announced that it currently has five projects under development in Egypt.
Park Avenue located on the Cairo/Alex Desert road is Damac’s first project and was launched in October 2007. Park Avenue is a unique retail and commercial development spread across over 32 acres. The second and third projects are located in New Cairo and are spread across 4,500,000 million square meters. Hyde Park, launched in December 2007, is a residential project consisting of an exclusive villa development.
In February 2008, the first phase of Park Avenue at New Cairo, a retail and commercial development, was launched. The fourth project is Centre Ville. Also located in New Cairo, Centre Ville is a private gated community set on an expansive area of 640,000 square meters. The fifth project, Gamsha Bay is planned upon 30 million square meters and located directly on the seafront of Gamsha on the Red Sea.
Progress on all projects is ongoing, and Damac has upgraded the Park Avenue project at the Cairo/Alex Desert Road with an extra cost of LE170m whilst retaining the original unit prices.
Excavation works at Park Avenue, Cairo/Alex Desert Road began late February 2008 and will be complete in the next two months. In June 2008, concrete works were also awarded. Grading works have been tendered for the New Cairo Development and will commence in July 2008. By the end of July/early August, land cleaning procedures at Gamsha Bay will be completed and work will commence.
Appointments of consultants and contractors are ongoing. ACE consultants have been hired for Park Avenue’s supervision and ECG consultants have been hired for New Cairo’s design and supervision. Further local consultants are continuously being appointed in order to meet delivery.
The company currently employs 445 Egyptian employees and projects a 35% increase by 2009. Nine Damac offices have been opened in Marghani, New Cairo, Orouba, Maadi, Nile City, Cairo/Alex Desert Road, Heliopolis, Sharm El Sheikh and Hurghada with an additional four to come.