Asala Sells 80% of New Cairo Residential Compound

Wednesday, 28th September 2016

Asala Holding for Investment and Residential Development has sold 80% of its residential compound in New Cairo, according to Hamdy Raslan, a Sales Executive at Asala Holding, reported Al Mal News.

A new private mall will also be built at the end of the month on an area of 3600 square meters, Raslan added.

The average price per square meter in the compound costs EGP 8,500; however, the company has not yet decided on the price per commercial meter. The entire project is being completed in one phase and is scheduled to be delivered at the end of this year.

The total project investment is worth EGP 250 million, and the project stretches over an area of 8,500 acres containing six building and 26 villas and townhouses.

The buildings make up about 30% of the entire are of the compound, while villas make up 20%, public services make up 12% of the area, and greenery and roads constitute 38% of the compound space, Raslan added.

The company will start searching for a new land plot to construct another new project in Egypt by the end of this year.

Asala Holding is a subsidiary of the Kuwaiti Nzzar Al Anjari Consulting Bureau, and has been operating for over 20 years. The company has built Kuwait’s Safa Tower, and the American University in Kuwait.

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