Hassan Allam Properties (HAP) has begun the earthworks of the first phase of its HAPTOWN project in Mostakbal City, while planning to begin its construction works by next April, Invest-Gate reports.
HAP aims to pump EGP 20 bn worth of investments into the project, which will be developed over seven years, CEO of Hassan Allam Holding (HAH) Hassan Allam exclusively told Invest-Gate on February 4.
Allam noted, “The project is extraordinarily situated right in the heart of Mostakbal City in the eastern extension of New Cairo. It lies in front of Mountain View and Mountain View iCity in New Cairo,” adding, “What makes this location unique is that the land is dedicated to residential compounds only.”
He elaborated that HAPTOWN includes commercial spaces, service centers, huge landscapes, social clubs, sports centers, bike lanes, pedestrian paths, in addition to a number of leisure and retail spaces.
Earlier in March 2018, HAP has successfully launched HAPTOWN, which spans across a total area of 250 acres.
Commenting on the company’s plans to expand into the New Administrative Capital (NAC), Allam pointed out that HAP is currently focusing on its residential projects in New Cairo and Mostakbal City, however, he noted that the developer is currently implementing infrastructure works at NAC at a total cost of EGP 20 bn.