Egyptian developer Hassan Allam Properties (HAP) has partnered with El Mostakbal for Urban Development to co-develop 250-acre mixed-use project in Mostakbal City, Invest-Gate reports.
Located within the eastern extension of New Cairo and enjoying a prime frontage over Mohamed Bin Zayed Road, the development spans over 250 acres, with total investments nearing EGP 18 bn.
The project is to house separate villas, townhomes, twin houses duplexes, and apartments, according to a press statement by HAP.
“Our 250-acre project targets not only developing world-class mixed use communities, but also creating 400,000 direct and indirect job opportunities supporting the Egyptian economy along the development life-time,’’ according to Hassan Allam Properties CEO Mohamed Medhat Allam.
“The project’s residential component is supported by ancillary retail, commercial space, and office parks as well as sports facilities,” according to the company.
The project is the first among a number of upcoming HAP projects which are planned to double the company’s land bank to nearly under nine mn square meters.
It is the ninth addition to the existing projects portfolio which encompasses eight flagships, six of which are fully livable and two under construction, catering to 5,000 Egyptian households and 20,000 residents.
“The percentage of the economically active population is close to 40%, almost half the population of Egypt, while population within marriageable age band (20-39) represents 30%. This is often cited as a vital factor for future real estate growth, making up the core of the housing demand in Egypt for the next 20 years, with the young taking jobs and moving out to their own homes,” according to the press release.
