Aqar Misr for real estate development will launch its first project in the New Administrative Capital on 20 feddans, according to Bahaa Hefz-Allah, the company’s general manager.
Hefz-Allah told Daily News Egypt that the project includes a residential, commercial, and an administrative complex, with target revenue of EGP 2bn.
Hefz-Allah noted that the project’s licences are currently underway, pointing out that once the licences are obtained, the company will begin the construction works.
He further elaborated that his company has an experience in real estate projects in Egypt’s governorates, and it is interested in transferring this experience to the New Administrative Capital. He added that the future of real estate investment is in the new capital, with investors and clients all eying the city.
Additionally, he affirmed that Egypt’s real estate market is strong and denied an imminent real estate bubble because of the real demand on property.
“Exporting real estate is one of the important mechanisms to revive the sales of the sector, and we are interested in participating in exhibitions,” he added, “Our company has an ambitious plan to expand in Egypt’s real estate market.”