Raaed Developments contracts with ETA within its plan to cooperate with successful entities in ROOTS project
Raaed Developments signs a contract to design the integrated services area in ROOTS project with EGP 200m investments
Raaed Developments has contracted with Esmail Tawfike-Architects (ETA) to design the integrated services area within ROOTS project in New Sohag, as part of its plan to cooperate with creative and successful entities for its ROOTS project, with investments exceeding EGP 200m.
Hisham el santaricy, CEO of Raaed Developments, stated that his company has contracted with ETA due to strong experience of the its owner Eng. Esmail Tawfik in field of designing commercial projects and malls in Egypt and the Kingdom of Saudi Arabia.
El santaricy said that this contract comes in parallel with beginning construction works in the project.
He added that Raaed aims to create distinction and difference between the design of residential properties and the design of commercial ones in the project. This makes the company as if it is developing two distinct projects within the same project. Accordingly, the company is constantly working on creating new ideas in its projects that offer a luxurious life to its residents.
He noted that the commercial mall within the project is located on 3,000 sqm comprising a basement, ground floor, first and second floors, and a roof, with total investments of EGP 200m, pointed out that the mall will be developed over two and a half years. The project’s operating revenues during the first year is expected to reach EGP 30m. Furthermore, the mall will encompass a package of diverse and distinctive services that guarantee a different shopping and entertainment experience for tenants.
The ROOTS project will provide commercial, medical and administrative services, entertainment areas and seafood restaurants overlooking artificial lakes, he disclosed, explained that the company plans to launch a mall with distinguished design and interior services. The company does not plan to sell units, but will offer them for rent, which maximizes the investment return for the company and customers.
“Leasing units guarantees the company’s continuation in managing and operating the project, which ensures maintaining a certain quality level and specific businesses of the units that suit customers, provided that contracts are made with various brands to open in the mall and to provide customers’ needs,” he elaborated.
The ROOTS project is an integrated urban project is situated on 87,000 sqm in a unique and prime location in the heart of New Sohag city. Additionally, it includes 33 residential buildings with a total of 496 units, including 12 villas with an average spaces of 500 sqm, penthouse units, duplexes, a family housing model, a commercial mall, and a social club.