IMKAN Misr, a prominent real estate development company, has announced the signing of an agreement with Forward Construction for the construction of three new residential zones within the “Alburouj” project, a premier integrated residential community in New Heliopolis, with a total investment estimated at around EGP 1.6 bn, Invest-Gate reports.
Ahmed Aref, the Chief Executive Officer of IMKAN Misr, highlighted that this recent contract forms a part of the company’s strategy to deliver comprehensive urban solutions adhering to the highest global standards. This endeavor aims to build upon the successes attained during the full implementation phases of the “Alburouj” project, where the daily lives of over 1200 current resident families have been significantly enhanced.
Aref further detailed that the new agreement with Forward Construction is geared towards developing three residential sectors covering an expanse of 192,073 sqm, with a built-up area of 86,892 sqm. These zones will encompass 348 residential units featuring diverse designs such as twin houses, townhouses, and standalone villas, with a projected completion timeframe ranging from 22 to 24 months.
In addition, Aref announced IMKAN Misr’s collaboration with Global Energy to execute the third phase of the infrastructure for the “Alburouj” project. This phase involves the construction of 3 Km of roads and approximately 44 km of medium-voltage cables, amounting to an investment of approximately EGP 445 mn over a span of 16 months.
Expressing the company’s commitment to selecting top-tier strategic partners to bolster its presence in the Egyptian real estate market, Aref expressed confidence in the collaborations with Forward Construction and Global Energy. These partnerships are founded on the firms’ extensive expertise and successful track records in construction and infrastructure development, which were instrumental in securing the public tender issued by IMKAN Misr, attracting bids from leading contracting and infrastructure companies.
Aref highlighted IMKAN Misr’s aspirations to augment its capital and venture into new markets in the Gulf Arab states, aligning with the national initiative to export real estate. Notably, this move follows the success of attracting substantial foreign investments to Egypt since the inception of the “Alburouj” project in 2016, the inaugural venture of IMKAN Misr. This project sets a benchmark for upscale living standards and luxury within a residential enclave tailored to meet diverse customer needs, thereby making a significant and distinctive contribution to the Egyptian real estate landscape.
Situated 15 minutes from the New Administrative Capital and 20 minutes from the Fifth Settlement and New Cairo, “Alburouj” stands out for its advanced infrastructure incorporating cutting-edge technology systems for energy and water management, set amidst expansive green spaces covering 80% of the project’s area.