The Urban Development Fund, in partnership with MINT Real Estate Assets, has announced the opening of reservations for the “Fustat View” project, Invest-Gate reports.
This visionary multi-phase development aims to transform Cairo’s historic Fustat area into a dynamic economic and cultural hub. Leading the initiative is MINT Real Estate Assets, a subsidiary of Al Ahly Sabbour Real Estate Development Company.
The “Fustat View” project is a critical component of the Fund’s strategic plan to leverage urban development as a catalyst for economic growth. With a total investment of EGP 6 bn, covering 40% of construction to date, the project will span 30 feddans and incorporate a mix of residential, hotel, and administrative units. The first phase is scheduled for delivery in 2025.
This initiative aims to generate significant economic benefits, including increased tourism revenue, substantial job creation, and enhanced private sector engagement.
Khaled Seddik, Chairman of the Urban Development Fund, stated “Over the last 50 years, Egypt has achieved remarkable economic growth. However, this achievement was accompanied by various urban problems, such as the destruction of cultural and natural heritage sites dating back over 1,000 years, and the ghettoization of urban centers.”
He emphasized that the urban regeneration plan in Cairo, including the “Fustat View” project, aims to restore local identities and achieve sustainable urban growth through public-private partnerships. The comprehensive vision, which has been in place for seven years, includes the development of various projects such as the Magra El-Oyoun Aqueduct, the Al-Khayala area, Fustat Park, and future plans for the Ezbet Khairallah area.
For his part, Eng. Ahmed Sabbour, Chairman and CEO of Al Ahly Sabbour, explained, “MINT Real Estate Asset Management comes as an extension to our strategy and expertise at Ahly Sabbour Developments, with a focus on creating independent entities and companies that provide diverse and innovative services and solutions. These offerings assist real estate developers in overcoming any obstacles they may face in creating vibrant communities across Egypt. This, in turn, supports the real estate development market in Egypt, fostering stable and resilient real estate entities that can withstand all challenges.”
From a strategic perspective, the “Fustat View” project is in harmony with MINT’s ambitions to offer unique real estate products that match Egypt’s massive urban developments, with an emphasis on principles of intelligence and sustainability.
Dr. Tamer Erfan, Investment and Finance Officer of Al Ahly Sabbour and Chairman of MINT, stated that the “Fustat View” project aligns with MINT’s mission to offer distinguished real estate products that match Egypt’s massive urban developments. He highlighted the project’s strategic location, variety of unit types, and proximity to key transportation hubs, making it a prime investment opportunity.
The development of Fustat Hills Park, overlooking the “Fustat View” project, represents a significant addition that will transform the area into an internationally recognized destination. The park, spanning 500 feddans, will include hotel services, open theaters, archaeological areas, and heritage gardens.
Ms. Alia El Nagdi, CEO of MINT Real Estate Assets, highlighted the unique investment proposition of the “Fustat View” project. The initial phase will feature seven residential buildings with a sales value exceeding EGP 1 bn. As the project progresses, total sales are projected to reach an impressive EGP 10 bn. The compound will feature 1,412 fully-furnished residential units, a mall, administrative units, and hotel apartments. Various facilities such as a mosque, parking, kids area, sports playgrounds, gym, and nursery, as well as green landscapes, will be included.