HDA Realestate is gearing up to launch a new project in New Qena City in Q1 of 2024.

This project will be a commercial, administrative, and entertainment mall situated prominently at the city’s entrance with views across four streets and the regional area. It will feature over 25 restaurants, cafes, an amusement area, and various retail spaces.

Haitham Abdul Karim Al-Sayed Mahmoud, Executive Director of HDA Realestate, highlighted the increasing investment opportunities in Upper Egypt, particularly in New Qena City, part of the New Urban Communities Authority. He noted that HDA is a leading real estate development company established in Qena, Luxor, and Aswan in 2009.

The company’s second project, “Tag Park,” is a commercial-residential mall where construction is 50% complete, with finishing works underway. It is located next to the bank district and occupies a prime spot in the service district of the second residential neighborhood in New Qena City.

Moreover, “Tag View,” a commercial medical mall, has completed 30% of its execution works. Positioned in front of the New Qena Governmental Hospital, it features commercial spaces on the basement, ground, and first floors, with the second and third floors dedicated to medical facilities. This project stands amidst medical centers housing some of Qena’s major doctors, facing the Gardenia compound, with 70% of the project already sold.

“Mazar Mall,” a commercial-administrative mall in the West Qena Development City, also occupies a prime location in the 300-acre service area along the Western Desert Road. The choice of location was influenced by the city and service area designs, akin to those in the 90th Street service area in New Cairo.

Mahmoud mentioned the company’s collaboration with MRB, which specializes in leasing commercial malls and real estate investment projects. This partnership aims to lease various units of the projects, ensuring direct benefits for investors who purchase properties through the company.

He highlighted the substantial increase in commercial square meter prices from EGP 12,000 in New Qena City and West Qena City in 2019 to over EGP 45,000 currently, indicating significant real estate growth in Upper Egypt’s cities.