Sama Group for Properties Investment will soon implement three new real estate projects with investments worth EGP 5.5 billion, the group’s chairman Hassan Rateb told Al Mal.
On the sideline of the Egyptian-French business forum, Rateb said that the group aims to extend its geographic spread by running the Sama Ismailia project at a total cost of EGP 500 million, adding that the group would start the project upon obtaining the relevant approvals.
Regarding financing, Rateb said that Sama Group will depend on self-financing and the revenues of apartment installments, adding that he will consider offering 40 percent of the shares of both Sama Ismailia and Sama Giza projects on the Egyptian Exchange.
Additionally, the group is working on developing projects worth EGP 1 billion in the new administrative Cairo capital, according to Al Borsa.
The company started negotiating with the Ministry of Housing on the land to be allocated for the development of the Sama Group projects,” he said.
The Ministry of Housing has already started working on plans of the first phase of the new administrative Cairo capital, which will span over 10,000 acres