Hassan Group for Trade, Industry and Contracting, one of the companies of Adel Hassan’s AMHT Group, launches its first project in Egypt, Viola, with expected sales of EGP 800 mn, Invest-Gate reports.

Adel Hassan, chairman and managing director, says Viola is a commercial and administrative project in one of the most distinguished locations in New Cairo’s Fifth Settlement.

The 14,000 sqm development has four floors and will be used for various purposes.

The expected sale value is EGP 800 mn and the investment cost is EGP 600 mn.

Excavation will start in three months and handover will be in two years.

The company offers flexible payment plans, including a 25% down payment and five-year instalments or 20% down and four-year instalments.

Hassan Group hires Arkan, one of the biggest engineering consulting firms, to design the project. It also contracts project management company MRP.

The project is part of the company’s plan to expand into Egypt and the Gulf with short- and long-term investments and “provide a distinctive and unique real estate product that establishes confidence in our upcoming projects,” Hassan reveals.

The company’s plan includes building several commercial and administrative projects as a first stage in New Cairo’s Fifth Settlement and the New Administrative Capital at a total investment of more than EGP 2 bn.

Hassan Group aims to complete other projects in target areas to maximize returns.

Hassan is an Egyptian-Kuwaiti investor and heads Hassan Holding Group, which includes Hassan Group and other companies.