Egypt's Aldiwan launches $79mln Vilar project in Alamein City
Egypt-based private real estate developer Aldiwan has launched the Vilar project in Alamein City with planned investments of 4 billion Egyptian pounds ($79 million), the company's chairman Mohamed Atta told Zawya Projects.
He said the residential project, spanning 42 acres and comprising 2,600 residential units, is being implemented in partnership with Misr International for Construction and Development, which owns the land, while Aldiwan is responsible for project execution.
Hafez Consultants has been appointed as the lead consultant for the project.
Aldiwan's Chief Commercial Officer Hisham Alhussainy said the company is targeting EGP 16 billion ($316 million) in sales from the Vilar project. Construction is scheduled to begin in the fourth quarter of 2025, with completion expected within three years.
He also noted that Aldiwan plans to launch another coastal project in Ain Sokhna by the first quarter of 2026, as part of its expansion strategy.
(1 US Dollar = 50.64 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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