Egypt’s VAI Developments contracts Concorde El Salam to manage 4T1 serviced apartments

Egypt’s VAI Developments contracts Concorde El Salam to manage 4T1 serviced apartments

Egypt’s VAI Developments has appointed Concorde El Salam to manage serviced apartments in its 4T1 project in New Administrative Capital (NAC), the company's CEO said.

Shehab Al-Mahdi told Zawya Projects that the project is being developed at an investment of 500 million Egyptian pounds ($27 million) in NAC’s downtown area.

He added that the 10-storey project’s commercial portion on the ground and first floors would be managed by Arabella Plaza.

Managing Director Mahmoud Abdeen said DMA Office for Engineering Consultancy is providing design and engineering services for the project.

He added that they are planning to start construction by the fourth quarter of this year and complete by the fourth quarter of 2025.

Concorde’s board member Simon Penhaligan said 4T1 project would be the first branded residence project to be managed by Concorde El Salam in the NAC.

(1 US Dollar = 18.71 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

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