Property developer Al Karma launches new mini-compound project in New Cairo

Egyptian property developer Al Karma for Real Estate Investment said Sunday it has launched its new flagship Al Karma Trio mini compound project in New Cairo, with investments worth 60 million Egyptian pounds (around $3.6 million).

The new project will be built on space of 1500 square metres.

Ahmed Mostafa, chairman of Al Karma for Real Estate Investment, further said that Al Karma Trio project would include 30 social housing units with spaces ranging between 135 and 135 square metres.

Mostafa further stated that his company expects to complete its mini compound project within 18 and 25 months.

Al Karma Company plans new expansions soon by announcing three new projects in North Coast, Sheikh Zayed City, and 6th of October, the Egyptian official said.

Mostafa explored that the company targets completing investments at a cost of 300 million pounds within 2017 in form of new residential projects in New Cairo.

New Cairo district will witness an increase in the prices of housing units prices by 20 percent per year, he said.

Al Karma’s shareholders are 51 percent for Egyptian investors and 49 percent for Kuwaiti businessmen.