Cairo Festival City could be getting a sister project elsewhere in Egypt
Al Futtaim is planning to build a new project similar to Cairo Festival City on the outskirts of Egypt, the Dubai-based developer has said.
"We are actively looking for another site to do another Festival City," Philip Evans, director of commercial and retail leasing for Al Futtaim Group Real Estate, told Reuters.
"If we found the right site tomorrow, we would buy the right site tomorrow. It is just a question of the right site becoming available.”
The Cairo Festival City will spread across a 3 million m2 land mass and is currently progressing towards a 2015 completion date, the project general manager Mohamed El Mikawi told Construction Week in August.
“The retail mall building of Festival Centre is well under way. The centre is expected to be completed in late 2011,” he said. “Construction of the first phase of the Oriana villas has already started and the Oriana villas are expected to be ready for occupation by 2011.”
According to Evans, the scope of the new proposed Festival City will depend on what land is available for Al Futtaim to build on.
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