Alassema Real Estate has announced it is directing EGP 1.5bn of investments into Egypt’s real estate market in 2021, to develop various residential, commercial, administrative, and medical real estate projects.
Mohamed Ibrahim, Sales Manager at Alassema Real Estate, said that the company plans to diversify its current investment portfolio, and add new real estate products in the local market.
He added that the company is also currently working on constructing The Venue, a mixed-use project in the Fifth Settlement area of New Cairo.
Ibrahim noted that Alassema Real Estate has obtained two plots of land in the New Administrative Capital’s (NAC) downtown area, where it will launch a specialised offices and administrative project. The sales at the project are expected to reach EGP 650m.
He highlighted that the NAC currently lacks this type of real estate, and as a result, he expects that these projects would record a great success and cover demand. This is particularly with the upcoming transfer of business and investments to the national project.
“The company is in negotiations with the largest engineering consultancy offices to support the process of preparing drawings and engineering designs for the two projects for those with experience and previous work in the field,” Ibrahim said, “Additionally, the company is negotiating with some companies specialised in managing this type of building to provide after-sales service.”
The company is also currently working on implementing a package of housing projects in the Fifth Settlement, with plans to be delivered in 2023, he concluded.