ICEC

Allamco to launch North Coast’s residential, touristic project at year-end

Egypt’s real estate developer firm Allamco Properties plans to launch a new residential and touristic flagship in North Coast resort at the end of 2018, said its general manager Mamdouh Abou Arab on Saturday.

This comes as part of the company’s scheme to expand the business volume outside the East of Cairo and diversify its project portfolio in terms of the location and clients, Abou Arab told further Amwal Al Ghad.

“The company is currently in talks to attain the project’s land plot on a space of around 50 feddans,” he noted.

Moreover, the official added that Allamco also targets contractual sales worth about 450 million Egyptian pounds ($25.2 million) at the end of this year up from 250 million pounds during the same period in 2017.

“The targeted sales will be driven by the rise in local real estate market activity and the implementation of new projects,” Abou Arab referred.

In addition, Abou Arab said that Allamco seeks to purchase a bunch of new land plots in Beit Al Watan New Cairo project that allows Egyptian expatriates to own lands in their homeland within the current year.

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