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AFGRE – Cairo Festival City Development – Egypt - Project Profile

AFGRE – Cairo Festival City Development – Egypt - Project Profile

Synopsis

"AFGRE – Cairo Festival City Development – Egypt - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.

The "AFGRE – Cairo Festival City Development – Egypt - Project Profile" is part of Timetric's database of 82,000+ construction projects. Our database includes a 10+ year archive of completed projects, full coverage of all global projects with a value greater than $25 million and key contact details for project managers, owners, consultants, contractors and bidders.

Summary

Al Futtaim Group Real Estate (AFGRE) is undertaking the construction of Cairo Festival City project in Cairo, Egypt.

The project involves the construction of mixed-use facilities on 300ha of land. It includes the construction of a mall on 160,000m2 gross leasable area, a KidZania, a residential district, a retail district and three business districts (southern, southeast and northern).

The residential district features 480 Oriana villas, Festival Living Residential Apartments and an International school and is being executed in phases.

The Oriana Villas are set in a gated community with Mediterranean styled villas in a landscaped setting, with communal parks and gardens. Over 80% of Oriana is dedicated to parks and greenery.

The Festival Living Residential Apartments is to be located at the North-Western section of Cairo Festival City, bordered by the Office District from the West and North, the retail shopping centre, Festival Centre, from the South and the gated community of Oriana villas to the East across the main Boulevard.

The Festival Living Residential Apartments includes the construction of seven mid rise apartment buildings which range in size from 126m2 to 330m2, offering 2, 3 and 4 bedrooms with a limited number of 4 bedroom duplexes. Each floor will have a maximum of 4 apartments. The first phase of Festival Living will include 340 apartments.

The retail district includes the construction of a Festival Center and a Festival Village which in-turn is divided into three primary districts namely the Fashion, Lifestyle and Entertainment.

It includes the construction of 300 retail outlets and services, restaurants and cafes, 16 screen multiplex cinema complex, 400-room hotel, a hypermarket, parking space for 7,000 cars, indoor-outdoor retail and entertainment destination.

The hotels will be integrated into Festival Centre with landscaped gardens to give a resort feel to the hotel. It will include the construction of banqueting hall, conference facilities, a spa, health club, garden restaurants and a rooftop restaurant.

On the opposite side of Festival Centre will be a second hotel, focused on the needs of the business traveler. The hotel will be situated close to the office park and fully equipped with leading edge technology, meeting and conference facilities.

Festival Village will feature a combination of outdoor entertainment, boutique retail, restaurants and cafes. It will be set amongst the courtyards of Festival Centre with an open air dining and restaurant terraced area that gives views of the amphitheatre and events. Combined across two levels, it will include restaurants, cafes and retail shops.

The business districts include the construction of offices, an automotive park and hospitality facilities. The 700,000m2 offices, which can accommodate around 50,000 office personnel.

The offices being implemented in phases and the Southern Business District forms the first phase. It includes seven parcels overlooking the main Cairo Festival City Boulevard with a total gross office spanning 100,000m2 area, in addition to the underground parking.

The second phase includes 300 residential units, 240 villas and five administrative buildings over 53,000m2 of land.

The automotive park which is to be located on the boundary of the site facing the Ring Road comprises spanning 69,000m2 of land with spanning 12,000m2 of showroom space. It will feature the completed flagship showrooms for Honda (opened in 2008) and Toyota (opened in 2009) with other leading automobile brands to shortly move to this location.

The construction contract worth US$340 million for the super-structure works was awarded to the joint venture of Al Futtaim Carillion (including MEP works) and Orascom Construction Industries.

Callison, Wimberly Allison Tong & Goo (WATG) and Engineering Consultants Group (ECG) were appointed as the Design Consultant and 5+DESIGN was appointed as the Architect.

Mivan Ltd has been awarded the EPC Contract for commercial and residential complex.

In June 2008, construction works were initiated.

The land dispute rose as the company requested the Government to transfer the ownership of the land to it and also requested to extend the development time-frame.

HSBC, Arab African International, Commercial International Bank (CIB), and Banque Misr agreed to lend Al Futtaim Group US$261 million to finance the project. The loan will have a tenor of 7-10 years.

Construction work on KidZania completed.

In March 2013, construction work on phase one of business district was completed.

In November 2013, construction work on the retail center was completed. Work on the other parts is underway.

In March 2014, AFGRE signs US$74 million loan to finance.

In the first quarter of 2016, construction works commenced on the Festival Living Residential Apartments.

In April 2016, AFGRE is set to invest US$279 million funding for the second phase.

In July 2016, AFGRE completed the designs of a sports club.

On June 29, 2017, AFGRE has secured US$69.9 million funds from CIB, Arab African, Abu Dhabi National Bank and Arab Bank.

Construction works on the Oriana Villas are underway and scheduled to be completed by 2017.

Construction works on the Festival Living Residential Apartments are underway and scheduled to be completed by the third quarter of 2018.

Scope

The project involves the construction of mixed-use facilities on on 300ha of land in Cairo, Egypt.

The US$3,000 million project includes the following:

1. Construction of residential district

2. Construction of retail district

3. Construction of three business districts (southern, southeast and northern)

4. Construction of 300 retail shops and services

5. Construction of 95+ restaurants and cafes

6. Construction of 250 retail outlets

7. Construction of a 16 screen multiplex cinema complex

8. Construction of a hypermarket

9. Construction of parking space for over 7,000 cars

10. Construction of an open air dining and restaurant

11. Construction of cafes and retail shops

12. Construction of courtyards

13. Construction of residential villas

14. Construction of 480 Mediterranean styled villas

15. Construction of a club House

16. Construction of parks

17. Construction of outdoor swimming pool and spa

18. Construction of a restaurant

19. Construction of tennis courts

20. Construction of 2,050m2, six-story office buildings

21. Construction of underground parking facilities

22. Construction of 400-room hotel

23. Construction of banqueting and conference facilities

24. Construction of a spa and health club

25. Construction of garden restaurants and a rooftop restaurant

26. Construction of an automobile park

27. Construction of related infrastructureReasons To Buy

  • Gain insight into the project.
  • Monitor the latest project developments.
  • Identify key project contacts.


1.Key Statistics
2.Key Dates
3.Sector
4.Operating metrics
5.Tender Information
6.Scope
7.Description
8.Latest update
9.Background
10.Key Contacts
11.General News, Project News
12.Appendix

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