Construction to kick off at Rooya’s Al-Hadaba, with investments worth EGP300mn
Rooya Group has announced its plans to begin the main construction work for a project at Al-Hadaba, in Sixth of October city, for which it has earmarked EGP300mn. The project will comprise 160 units of high-luxury units, stretching over a land plot of 140,000 sqm. Company CEO, Hisham Shoukry noted that Rooya had delivered the first three phases of Telal-Al Sokhna (total of 1,700 units) and is currently working on finishing phases four and five, with plans to launch phase six in the short-term. The company is also working on obtaining required permits for a project opposite to Telal-North Coast and is planning to begin construction work for commercial and retail buildings at their Stone House development in New Cairo before end of 2H17, with total investment costs estimated at EGP9bn. Shoukry said the IPO procedures are expected to be completed before end of 1H17, noting that the offering size has not yet been determined, but it will likely be close to 30%. Rooya has a total land bank of 9mn sqm, of which 3mn sqm is yet to be developed.
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