To replicate the success of ROVE Mall
Valda Developments unveils its expansion plan in Egypt
Valda Developments disclosed its expansion plan in the Egyptian market, keeping in mind replicating the success of ROVE Mall project which fared well despite coronavirus-induced headwinds.
Valda Developments, starting off back in early 2020, is a product of the strategic partnership between Akoya which is the owner and developer of New Cairo’s Compound Akoya, Leven Square, The Edge and New Avenue, a real estate consultancy that managed in a short period of time to compete with Egypt’s leading real estate marketers.
Mohamed Shehata: We mull over lands in Fifth Settlement and Mostakbal City nearby the New Administrative Capital
An outline of the company's expansion plan, focusing on building high-end housing and service projects, is disclosed by chairperson of Valda Developments Eng. Mohamed Shehata.
With a special emphasis placed on the New Administrative Capital for its proximity, the company is studying and exploring investment opportunities in NAC , Mostakbal City and New Cairo.
VDs seeks to obtain a plot of land of 40 acres to carry out and launch a housing integrated project in 1st quarter of 2022 at EGP3bn investments.
VDs adheres to key principles and criteria, namely observing credibility and adhering to commitments entered into with clients in terms of delivery schedules and contract specifications, he explained.
Rather than prioritizing the scale in the projects it implements, the company is particularly interested in delivering up-scale products adding value, quality and adherence to the Egyptian market.
The company was keen to observe these standards while building ROVE Mall, an innovative product that keeps pace with the market changes, caters to needs of clients and achieves highest returns on investments in record time, he maintained, adding that the project is self-financed and VDs has increased its capital last year by 30 percent.
Mohamed Abd El Monem: EGP1bn investments to be injected into the mall and delivery starts in 2024
Chief Executive of VDs Eng. Mohamed Abd El Monem said that company has obtained the ministerial decree and all relevant permits for ROVE Mall, as digging and ground-sensing works have started and constructions are due to begin in late 2021.
The mall, scheduled to finish off and be delivered in the 1st quarter of 2024, scrawls over an area of 20,000 sqm in New Cairo, as it features an astounding spot on the Middle Road and comprises a commercial mall totaling 30,000 sqm, ground and first floors at investments of EGP1bn.
VDs paid special attention to all coronavirus-induced changes, namely the provision of open spaces and ventilation outlets, he explained.
Akoya, a key stakeholder in VDs, will hand over Leven Square, an administrative, commercial integrated hub in New Cairo. Up to 95 percent of constructions have been finalized to date, as the company has entered into agreements with world-renowned brands and tycoons as regards the commercial and administrative divisions of the project respectively, he added, noting that the project generates a top-notch track record, jointly with ROVE Mall, both help assure customers.
Ahmed El Desouky: We managed to sell 60% of the project's units to date
In the same vein, managing director of Valda Developments Ahmed El Desouky said that the company started to promote ROVE in August 2020 and booked 60 % sales out of the project's aggregate units. The company will put up for sale 2nd phase consisting of 40 stores, on top of 70 shops in the 1st phase, he explained.
With the aim of generating a value-added product, the company started feasibility and marketing studies.
At the outset, a special focus was given to building a commercial project in response to studies that suggested this business is so scarce there. Later on, focus turned to picking a high-end spot on the Middle Road in the heart of New Cairo and near the Administrative Capital and Mostakbal City.
ROVE Mall features two facades and all shops have two fronts, one directly overlooking the road and the other the heart of services inclusive of an integrated administrative area, hospitals and schools, he maintained.
The company heeded the implementation of small-sized spaces for shops, from 80 to 100 sqm, all are badly in need in the market.
Additionally, specifications of all shops are the same, he noted.
“The company sold stores to investors who can in return lease them to world-renowned brands, upon obtaining written approvals from VDs.”