Al Arabia Real Estate and Development (ARCO) Egypt is waiting for a ministerial decision that will allow them to develop 148,000 sqm of land in Katameya, New Cairo, into the Citystars Katameya project. According to ARCO Egypt’s executive manager, Ayman Ibrahim, the project includes 88,000 sqm worth of land dedicated to administrative activities, a further 18,000 sqm allotted to commercial use, and a further 9,000 sqm committed to hotels.
Ibrahim added that the company also has plans to develop another Citystars project in Sheikh Zayed City, west Cairo. The proposed project will occupy 212,000 sqm worth of land, encompassing a variety of activities ranging from administrative and commercial activities to hotels.
Ibrahim revealed that the company plans to launch “ARCO Real Estate Exchange”, to trade on various units owned by the company’s clients in order to provide investments with higher profits for their customers.
The company is negotiating with the Ministry of Housing for the development of three projects with a revenue sharing system on 2,800 feddans of lands in the cities of Sheikh Zayed, New Cairo and South Marina, according to Ibrahim.
Ibrahim also noted that the company offers different payment plans of up to 12 years, noting that the next phase of development would introduce longer payment plans to meet the purchasing power of their customers.
From 2007 to 2012, the company delivered six projects: Bellagio, Meadows, Dyar, Royal Meadows, DyarPark and Le Reve (Phases 1 and 2).