Arabisk Development Announces Major New Project in New Cairo

Arabisk Development Announces Major New Project in New Cairo

Arabisk Development is set to launch a new integrated urban community project in New Cairo, near the American University in Cairo and 90th Street, Invest-Gate reports.

The announcement was made by Abdel Hamid El Wazir, Chairman of Arabisk Development, who revealed that the project will be officially unveiled within two months, with an investment of EGP15 bn.

El Wazir stated that the project is undergoing engineering and design studies, which will be disclosed upon completion. He emphasized that the development will adhere to the highest standards, featuring modern smart home technologies and ensuring luxury living for residents. The design process is being conducted in collaboration with leading consultancies.

Moreover, the company is actively exploring all available opportunities in the real estate market. El Wazir mentioned plans for another project on the North Coast and is assessing potential ventures in Marsa Matrouh. Furthermore, following the announcement of the Ras El Hikma deal and the development of New Alamein City, there has been significant demand in that region.

Also, El Wazir noted a substantial increase in real estate sales recently, particularly after the decline in gold prices. He highlighted that while there is strong demand in the residential market, the coastal market still lags, with residential properties accounting for 70% of sales and coastal properties 30%.

He pointed out that property prices are stable but expected to rise shortly. El Wazir reaffirmed that real estate remains a safe investment for clients, with property prices surging by at least 70% over a short period.


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