Arabisk Development has acquired a 30,000-sqm plot of land to develop a residential compound in Sixth of October City, West Cairo, that will comprise 30 buildings.
The company is keen on the diversity of its land portfolio for the establishment of integrated development projects, as the company proceeds to establish integrated compounds, said Abdel Hamid Al-Wazir — Head of Arabisk Development and Chairperson of the Support and Follow-up Committee at the New Cairo Developers Association.
Al-Wazir added that the company will announce its acquisition of other lands in new cities to develop more projects and expand in the real estate market, highlighting that the real estate sector is one of the pillars of the Egyptian economy, as the sector contributes at least 20% of the GDP.
He also pointed out that the project is scheduled to be launched at the beginning of next year after the completion of a feasibility study and architectural plans and allocating initial investments to the new project.
Egypt’s real estate sector achieved high sales during the first half (1H) of this year despite the spikes in real estate prices by no less than 25% of the total unit value due to global inflationary pressures in addition to economic challenges facing local real estate market.
