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Since the project launch in April 2007, the execution of Allegria has made significant progress and remains well within schedule:
• Earth moving contract worth EGP96m was awarded in August 2007. 80% has been completed and works are on schedule for completion by Q4 2008.
• Infrastructure contract worth EGP191m was awarded in July 2008 to The National Company (subsidiary of M.A. Kharafi group). Infrastructure works are underway with 5% of the work already completed and with a 19 months target completion period.
• Golf course development is well underway with 50% of the works completed. Target is to complete the course by the end of 2008 and for it to be playable by Q2 2009.
• Golf course management was awarded in July 2008 to Troon Golf, the world's leading luxury-brand golf management, development and marketing company.
• Masterplan won Award of Merit from the American Society of Landscape Architects. The project also won two awards in the categories of Best Development and Best Golf Development by CNBC Arabian Property Awards 2008.
Commenting on the signing of this Letter of Award, Maher Maksoud, SODIC'S Managing Director, said:
"Having succeeded in positioning Allegria as one of the most highly regarded residential developments in Egypt and having already sold over 800 villas our main priority is to match that success with strong execution of the project and to surpass our client expectations both in terms of schedule and quality. We are already working with regional and international leading consultants and contractors towards that objective. The award of the construction to Al-Marasem, the leading regional construction group, further underscores such commitment. Over the next few months, we plan to award construction of additional units, with the objective of completing the project by the end of 2010."
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Posted by Anne-Birte Stensgaard, Senior News Editor
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