Alassema for Construction company targets achieving EGP 6bn sales of its new residential project in the New Administrative Capital (NAC), according to Mostafa Mansour, the chairperson of the company.
Mansour said that the project is located in the R8 area on 46 feddan with investments of EGP 3bn.
Additionally, Mansour elaborated that the project includes new designs of residential units with different forms, as the project comprises studios, duplexes, and apartments.
He revealed that obtaining the ministerial approval for the project’s implementation is currently underway.
Furthermore, Mansour also disclosed that the project is being self-financed through the financial liquidity of the company in addition to the value of contracts with customers from the various phases of the project’s sales.
The 46-feddan project is the company’s second project in the NAC. The first was the Medical Capital City (MCC) project with EGP 750m in target sales.
The MCC project is an integrated medical city on 3,500 sqm and will be launched for sale in the current month.The project is being marketed exclusively by Brickzey Property Management.
The company plans to attract international medical brands to operate inside the MCC project, he also explained.
Mansour pointed out, “Investing in the NAC is the best investment opportunity for real estate developers, thanks to the solid and developed infrastructure which is being implemented by the state.”
He elaborated that the market is still strong, yet it sometimes falls then recovers, however, it will be the safest means of investments.
Moreover, Mansour also revealed that the company is studying launching project in coastal areas to diversify its land bank.