Arabisk Real Estate Development Company acquires 8 plots of land in the Rabwa area in the New Cairo, formerly called the Beit Al-Watan area, where the New Cairo Developers Association submitted an initiative to change the name of the Beit Al-Watan area to the Rabwa area in the New Cairo, Invest-Gate reports.
Abdel-Wazir, president of Arabesque Real Estate Development and chairman of the Support and Follow-up Committee of the New Cairo Developers Association, states that the investments of the 8 land parcels are estimated at EGP 150 mn, out of a total of EGP 300 mn, the company’s investments for its various projects in the region.
Additionally, the company is launching its new projects in Rabwa area within days, in various areas, including the first, second, fourth and fifth neighborhoods, where it provides various areas for housing units for these projects.
Abdel-Wazir expects an increase in the prices of housing units in the Rabwah area, indicating that the minimum expected price per metre in the area is 9,000 pounds, compared to 7.5 thousand pounds during the current period.
It is worth noting that the Rabwa area attracts many developers during the coming period, since there are approximately 150 real estate developers during the current period, and they are expected to increase during the coming period.
The Rabwa area includes about 13,504 pieces, according to reports issued by the Ministry of Housing, distributed over 8 neighborhoods, of which about 6,322 pieces were allocated to the assembly area and 2684 other pieces were allocated to the most distinct lands.