Hassan Allam to start works on its 1st property project in Alexandria in Q1

Egypt’s Hassan Allam plans to commence the construction works on its first property flagship in Muharram Bek Square in Alexandria, the country’s second largest city, by the first quarter of this year.

“The project will include residential, commercial, and administrative units besides a major commercial mall,” a source with knowledge told Amwal Al Ghad on Thursday.

This is Hassan Allam’s first works in the field of real estate investment, the source said.

The state-owned construction company also seeks to complete the project’s initial designs before the end of April 2018, he stated, adding that the investment cost approaches one billion Egyptian pounds ($56.4 million).

“The company hopes to start marketing the flagship within the next two months after finalising the initial studies,” he said.

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