Egyptian developer Q Developments has announced the completion of 35% of its Q North integrated residential project, valued at 10 billion Egyptian pounds ($206 million), in Sidi Abdel Rahman on the North Coast, the company’s CEO Ahmed Thabet said.
Construction on the 100-acre coastal project started in May 2023.
Thabet said the project features two to three storey low-rise residential buildings; a mall spanning 7 buildings; an office complex covering 34,650 square metres (sqm); 500 parking spaces; 240-key Novotel Sidi Abdel Rahman Hotel spread over an area of four and a half feddans; Additional features include 18,000 square meters of Crystal Lagoons and 21 swimming pools.
While Thabet did not specify the total number of residential units or delivery timelines, he mentioned that the company is planning future developments on the North Coast and aims to launch projects worth EGP12 billion ($247 million) in multiple areas in the coming years.
Q Developments also launched the EGP5 billion ($103 million) Q Hills residential project in New Zayed. This 24-acre development will feature 340 apartments and villas, along with a 9,000-sqm strip mall that will house offices, retail outlets, and clinics.
Thabet said they exploring sustainability initiatives including solar-powered road lighting and increased green spaces across its projects. The company’s current land bank on the North Coast and in New Zayed totals 259 feddans.
(1 US Dollar = 48.55 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon) (anoop.menon@lseg.com)
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