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The agreement was accompanied with letters of intent confirming SODIC and Solidere International's commitment to jointly develop the projects; which will include a major regional shopping mall, purpose built modern office buildings, and residential developments in Westown, in addition to a regional shopping mall project in Eastown in New Cairo.
Internationally renowned architects, The Jerde Partership and Callison, have already begun work on the concept designs of the malls while Nabil Gholam Architecture and Planning has started on the master plan and residential zones.
Comprising over 600,000 sqm of built up area; the development cost of these joint projects is expected to exceed $750m.
"Solidere International's early exercise and commitment to invest in and jointly develop these projects with SODIC reflects our absolute confidence in these projects as well as the Egyptian market,"
stated Mounib Hammoud, Chief Operating Officer of Solidere International.
He added, "The total built up area of these joint projects alone is 600,000 sqm with an estimated investment value of over $700m."
Maher Maksoud, Managing Director of SODIC, also voiced his excitement, noting:
"This agreement marks the evolution of our relationship with Solidere International. The scale of this investment underscores their commitment towards Eastown and Westown and the early exercise of these options confirms the commitment of both parties to delivering these projects in an extremely quick timeframe. The appointment of world class architects such as The Jerde Partnership for the Eastown mall, along with a host of internationally renowned architects, shows our joint commitment to execute the Eastown and Westown master plans to the highest quality and sets the standard for any future development on our site."
Earlier this year, SODIC and Solidere International announced the details of Eastown and Westown, two vibrant, mixed-use "downtown" districts in New Cairo and on the Cairo Alexandria highway. The two projects will be developed at an estimated investment cost of $1.6bn and $2.4b respectively. They are being designed to become the urban hubs of New Cairo and 6th of October cities.
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Posted by Siba Sami Ammari
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