Najm Developments has announced the launch of its latest project, VELN, with total investments exceeding EGP 1.6bn in the heart of New Cairo. Chairperson of Najm Developments, Wael Ramadan, said the project occupies a prime strategic location, spanning 3,772 sqm in the El Yasmin district of New Cairo. Ramadan explained that VELN comprises two basements, a ground floor, and three repeated floors, with a diverse mix of units. These include commercial spaces on the ground floor ranging from 28 to 137 sqm, commercial units on the first floor from 30 to 80 sqm, clinics between 21 and 79 sqm, and administrative offices ranging from 29 to 79 sqm. He noted that the project is set for handover within four years, with an initial sales target of EGP 900m, forming part of the company's broader plan to achieve total sales of EGP 3bn this year. Ramadan added that the company plans to allocate further construction investments next year, alongside expanding into additional areas of New Cairo and other new cities such as Obour and El Shorouk. He highlighted that Najm Developments owns a land portfolio in New Cairo suitable for commercial and administrative projects, with plans to enter the residential market soon through fully integrated residential compounds. The project is being executed in collaboration with several strategic partners: Criteria Design Group as the design consultancy; Kelma Development Consulting as the development consultant; Egymap for Commercial Property Management to manage commercial assets; and Reco for Real Estate Entertainment Consultants & Operations to oversee the project's entertainment and marketing components.
