Afaaq Construction and Real Estate Investment has completed its Amorada development in the Fifth Settlement, New Cairo, with investments worth EGP 600m.
Afaaq Chairperson Osama El Etreby said that Amorada is a residential compound spanning over 31,000 sqm, of which 22.5% is built-up area, and includes 272 units of varying spaces.
The company began construction work on the project in October 2018, he added, with about 90% of the project now sold out.
Amorada also includes a soon-to-be-developed commercial mall covering an area of 4,800 sqm, containing various services for the project’s clients, and which will be rented out, El Etreby said.
He noted that Afaaq has, over the past 25 years, invested in Ras Sudr and in Delta region. The company has since decided to expand its investments in new cities to meet the needs of multiple customer segments.
El Etreby revealed the company plans to develop its Amorada project in the New Administrative Capital (NAC), which will be announced soon, alongside a project in New Alamein.
“Egypt’s real estate market managed to maintain its continuity and return at stronger rates due to previous real demand, because of the country’s large population, as it is a promising sector that contributes about 18% to the GDP,” he said. “Additionally, the real estate sector will see some changes after the end of the coronavirus crisis, including the existence of various designs for housing unit, commensurate with the change in client needs who are now able to work from home. There are also changes in administrative, commercial and tourism projects, while allowing many tasks and work from home.”
He indicated that the state and private sector have cooperated on implementing ambitious urban development plan in partnership projects. These achieve integration between the qualifications that both parties possess and getting rid of bureaucracy that hinders investment. This in turn will enable the development of large areas of land at renewable financial returns for the country.
Afaaq is ready to partner with the state in developing multiple projects to contribute to development the country is currently implementing, El Etreby said.