ABRAJ Developments has invested EGP 350 into City Plaza mall in Suez governorate as part of the company’s expansion plan in Egypt’s real estate market, revealed the company’s press statement.
ABRAJ Development’s CEO Youssef El-Deeb said that City Plaza Mall is the largest entertainment mall in Suez Governorate on 10,000 square metres (sqm), adding that 85% of the mall’s construction has been completed.
El-Deeb pointed out that City Plaza mall includes shops with areas ranging from 40 to 2000 sqm, and the project will be offered for sale and leasing next year.
“Suez is a leading government in investment nowadays, it has a population that exceeds 1.5m. According to its strategic location beside the Suez Canal, it has become one of the highest purchasing power governments. It also has its own Suez University with more than 11 faculties and approximately 50,000 students,” he elaborated.
According to El-Deeb, each commercial unit in City Plaza project was designed in a way that allows the optimum use of interior space. The mall includes a parking lot that can seat more than 700 cars, right next to stores.
The City Plaza entertainment commercial project includes a large group of stores and restaurants distributed on five floors, which include modern retail stores and a large number of personal services, banks, restaurants, cafes, supermarkets, electronic stores, and children’s stores.
Mostafa Abu El Maaref, the company’s managing director, said that the company aims to expand the development of new projects during the coming period, adding that the company has developed an expansion strategy to build commercial and entertainment projects that suit the target customer segment in Suez governorate.
Abu El Maaref added that the company plans to establish real estate development companies and real estate asset management companies within its expansion strategy in the market during the coming period.