Arabesque Development launches the first phase of the Alcazar project, with target sales of around EGP 50 mn, Invest-Gate reports.

In this regard, Abdel Hamid Al-Wazir, head of Arabesque Development and head of the support and follow-up committee of the New Cairo Developers Association, states that “Alcazar” is a mini compound, features the highest technology by using the Internet of things.

The first phase spans over 2,000 sqm, comprising three buildings, with spaces ranging from 150 to 160 sqm. The price starts at EGP 7,000 per sqm, with a premium of up to six years.

Additionally, he remarks that the first phase has been launched at the “Amar ya Masr” exhibition, where the Arabesque pavilion has witnessed a great turnout.

Furthermore, he confirms that the project is being put forward in six phases, pointing out that the company has an expansion plan to enter into new projects during the coming period, while the real estate market is witnessing many developments during the coming period.