Arabesque Development launches two projects in New Cairo and the New Administrative Capital (NAC), with targeted sales exceeding EGP 1 bn, Invest- Gate reports.
According to Abdel Hamid Al-Wazir, head of Arabesque Real Estate Development and head of the Support and Follow-up Committee of the New Cairo Developers Association, the company aims to expand its land portfolio during the coming period, to establish many projects, after the company’s success in providing housing units in New Cairo with a total price of EGP 650 ,000 and areas that start at 110 sqm.
Moreover, he stresses that the company provides housing units with reasonable prices as it relies on self-financing in its projects. Al-Wazir adds that the real estate sector is one of the most sectors with a high investment return, where real estate companies launch their projects, with total payments for the value of the land only, and depend on the volume of sales to finance projects’ implementation, which makes real estate companies achieve high gains of not less than 100%.
Additionally, Al-Wazir expects an increase in the demand for the real estate sector, indicating that the real estate sector needs at least 800,000 housing units annually for the various segments, whether it is luxury, medium, or social housing.