Hassan Allam Properties (HAP), a prominent real estate player in Egypt, has announced its acquisition of a new land plot in MIDAR’s Mostakbal City, Invest-Gate reports.

This expansion marks a significant milestone for HAP, solidifying its presence in East Cairo and specifically in one of Egypt’s rapidly growing real estate hubs.

With a total investment of EGP 35 bn, the new mixed-use development will cover an area of 279 feddans. It will offer a diverse range of residential options, including both single and multifamily homes.

The development will extend beyond residential properties to include commercial spaces, catering to various lifestyle preferences and offering a well-integrated living experience.

Mohamed Allam, CEO of Hassan Allam Properties, expressed his delight in partnering with MIDAR for the third time in Mostakbal City. He emphasized that this collaboration aligns with their strategic vision, highlighting their commitment to expanding their land assets and geographical footprint.

This new acquisition further underscores the strong partnership between HAP and MIDAR. Building on the success of their previous ventures in Mostakbal City, namely Haptown and The Valleys. This latest endeavor represents a continuation of their shared vision for the area.

Haptown, spanning over 140 feddans, has already achieved an impressive sales rate with 93% of its units sold. This community offers 5,000 units, including both single and multifamily homes. Similarly, The Valleys, covering 110 feddans, has experienced significant sales success since its launch at the end of 2023.

Ayman Elkousey, Managing Director and CEO of MIDAR, expressed excitement about embarking on this journey once again with HAP. He emphasized that their partnership has already yielded remarkable success stories in the past, and they are eager to continue this legacy with the new project in Mostakbal City.