PROJECTS: Egypt’s W Assets launches Avalon New Capital

PROJECTS: Egypt’s W Assets launches Avalon New Capital

Egyptian developer W Assets has launched commercial project Avalon New Capital in New Cairo at investments of about 1.4 billion Egyptian pounds ($89 million), the company's chairman said. Moataz Abd Elshafi told Zawya projects that the project, comprising of two office buildings, would have built-up area of about 33,000 square metres, and include a total of 238 units. He added that Distance Studio Consultants is the main consultant of the project. Abd Elshafi said they have started enabling works for the project with delivery of first building scheduled for June 2023 and the second for December 2023. The project is being financed by equity and sales, he said. He also disclosed that the company is planning to build mixed-use project in New Cairo over an area of about 4,000 sqm but didnt elaborate. (1 US Dollar = 15.70 Egyptian Pounds)(Reporting by Eman Hamed; Editing by Anoop Menon)Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here. © ZAWYA 2021