Serac Developments unveiled its first project, City Hall, in Egypt’s real estate market. The project, located in New Cairo, comes with Egyptian-Emirati investments.
Serac Developments was co-founded by Egyptian businessman Tarek Suleiman, the owner of Glamour Jewellery, Marly Silver, and Richie Jewellery for diamond trade, and a number of Emirati partners.
The company’s first project consists of six separate buildings providing large open spaces for visitors and tenants.
Spanning over 16,000 sqm with 40% built-up area, City Hall consists of two basement floors over the total area of the building, a ground floor, and two floors.
Businessman Tarek Suleiman said that the new company is a result of an Egyptian-Emirati investment alliance, and stated that Egypt’s property market is promising and attractive for investments.
For his part, CEO of Serac Developments Karim Mamoun said that the City Hall project is not limited to Fifth Settlement, New Cairo only, but it is an idea that will be implemented in several other areas with the same name, to be a destination for international brands and customers.
Mamoun noted that the project provides the possibility of obtaining duplexes in commercial spaces.
He further elaborated that the success factors of real estate development companies consist of 4 elements: name of developing company, project location, masterplan of the project, and finally selling price. He added that Serac Developments owns lands of its projects which are fully paid and construction has already begun in the projects before offering them to customers.
Serac Developments owns a diversified land portfolio in North Coast, New Cairo, New Administrative Capital, and some other new cities.
