Alassema Real Estate to invest EGP 1.5bn in Egypt’s real estate market in 2021

Alassema Real Estate has announced that it will make EGP 1.5 billion investments in the Egyptian real estate market in 2021 to develop various residential, commercial, administrative and medical real estate projects.

Mohamed Ibrahim, director of sales at Alassema Real Estate, said 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 building The Venue, a mixed-use project in the fifth settlement area in New Cairo.

Ibrahim noted that Alassema Real Estate has received two plots of land in downtown New Administrative Capital (NAC) on which a specialized office and administrative project is starting. The project’s sales are expected to reach EGP 650 million.

He stressed that the NAC is currently lacking this type of property and therefore expects these projects to see great success and meet demand. This is especially true for the upcoming transfer of business and investments to the national project.

“The company is in negotiations with the largest engineering firms to support the process of drawing and designing the two projects for those with experience and previous work in the field,” said Ibrahim. “In addition, the company is negotiating with some companies that specialize in managing this type of building to provide after-sales service. “

The company is also currently working on the implementation of a package of residential projects in the fifth settlement, the plans of which are slated for 2023, he concluded.