Alassema Real Estate has reported it is directing EGP 1.5bn of investments into Egypt’s real estate market in 2021, to build different residential, commercial, administrative, and medical real estate projects.
Mohamed Ibrahim, Sales Manager at Alassema Real Estate, provided that the company plans to diversify its present investment portfolio, and add new real estate products in the local market.
He further said that the company is also presently working on constructing The Venue, a mixed-use project in the Fifth settlement area of New Cairo.
Ibrahim noted that Alaseema Real Estate has gained two plots of land in the New Administrative Capital’s (NAC) downtown area, where it will launch a specialized office and administrative project. The sales at the project are expected to touch EGP 650m.
He further said that the NAC presently lacks this type of real estate, and as the outcome, he expects that these projects would show great success and cover demand. This is mainly with the forthcoming shift 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 specialized in managing this type of building to provide after-sales service.”
The company is also recently working on executing a package of housing projects in the Fifth Settlement, with plans to be delivered in 2023, he concluded.