(MENAFN - Daily News Egypt) Tameer plans to complete marketing of its Azad project by the end of the first half (H1) of 2019 with targeted sales of EGP 1.7bn, according to Tameer's Managing Director, Antoine El Khoury.
El Khoury told Daily News Egypt that the company has managed to complete the marketing of about 65% of the total project.
He added that Azad is located next to the American University in Cairo (AUC) in New Cairo, on an area of 19 feddan and offers 500 residential units. Although, the project will be built on one phase, but it will be marketed over four phases.
The construction works began in the last quarter of 2017, El Khoury noted, pointing out that the project's investments reached EGP 1bn.
He added that the project includes a commercial and administrative building built on an area of 3,800 sqm, a recreation area, and a social activities building. The company has not yet studied how to exploit non-residential areas in the project.
The company is studying now several other projects and opportunities to choose what best fits its plans, El Khoury said.
He noted that many companies seek to expand in overseas marketing to benefit from the pound flotation and compensate the decline of the local purchasing power.
Tameer was launched in 1954 as a state-owned company to implement all works related to design, planning, research, and implementation of urban projects with the aim of developing national projects to serve the community.
The name of the company was changed to Tameer in 1997. The company is known for its credibility towards its customers despite the many challenges it faces.
The company's portfolio comprises such architectural masterpieces as the Oboroi hotel in Aswan, the Old Meridian hotel in Cairo, and New Maadi neighbourhood. It also acted as consultant for the establishment of Helwan University until it was listed on the Egyptian Exchange, which expanded its client base.