Egypt’s state-run construction firms Hassan Allam and Moukhtar Ibrahim plan to launch two residential flagships in Cairo and Alexandria within the first quarter of 2018.
The two projects are with investments estimated at 1.4 billion Egyptian pounds ($78.9 million), a source with knowledge in the county’s Holding Company for Construction and development (HCCD) told Amwal Al Ghad on Tuesday.
Hassan Allam seeks to execute the first project in Alexandrian, the country’s second largest city, with expected investments of one billion pounds, the source stated, adding that the second flagship will be implemented by Moukhtar Ibrahim in El Salam City, with investments of around 400 million pounds.
“The two construction firms (Hassan Allam and Moukhtar Ibrahim) have established a new real estate company to launch property and entertainment flagships,” he further noted.
Egypt’s Arab Bureau for Design and Technical Consultation and a number of other consulting firms are currently completing the designs of the two flagships, the source said, referring that the construction works will be started within the first quarter of this year.