Imkan Properties, the real estate arm of Abu Dhabi Capital Group (ADCG), has been allotted a 166-acre plot in New Cairo by the Ministry of Housing, Utilities, and Urban Communities, worth a total of EGP 5 bn, Invest-Gate reports.
The announcement came during a press conference organized by Imkan on July 21, in the presence of a number of the company’s top executives, during which it unveiled more details regarding the deal inked with the housing ministry, which marks the first model coming under the new mechanism set by the state to deal with investors’ requests for land plots offered in new cities, which was officially introduced on June 17.
The agreement, which is valued at EGP 400 mn, took five days to be finalized, scoring the shortest period required for land assignment, and thus, reflecting the government’s efforts in removing obstacles that hinder investors and boosting foreign investments in the country’s property market via this efficient approach in rapid-acting and decision-making.
Meanwhile, during the press conference, Ahmed Fathallah has been appointed as Imkan’s new president as well as Capital Group Properties (CGP), another subsidiary of ADCG, who confirmed that “Imkan will immediately start laying down the new project’s detailed plan, in order to launch a new development that shall constitute a leap in Egypt’s housing scene.”
According to Fathallah, ADCG favors the Egyptian market and is planning to extend its foothold and pump more investments into the country’s housing sector, as part of its strategic expansion plans. “This reflects Egypt’s robust and attractive real estate market, and also highlights the facilitation and support the government has been providing to investors, coupled with the legislative reforms that target improving the industry’s climate such as the new investment and consumer protection laws,” he elaborated.
The New Urban Communities Authority’s (NUCA) board of directors approved last month a new mechanism to deal with land offerings in new cities, endeavoring to facilitate purchase procedures and boost investment inflows in the newly-introduced areas. This includes the authorization of the planning and projects sector, in coordination with the new cities’ authorities, for the direct allocation of land activities (residential, commercial, medical, etc.) and sizes to identify the available spaces, based on the investor’s request and the development priorities of each city, according to a previous statement.
Since 2016, ADCG has been operating in seven countries worldwide, implementing Alburouj compound in east Cairo through its subsidiary CGP, which registered remarkable sales totaling EGP 6.1 bn up to date, in addition to EGP 6 bn worth of investments over two years. So far, the latter’s portfolio comprises 1,500 housing properties and 100,00 square meters of administrative offices that are still under development. Handover of these units is scheduled to commence over the coming period.
