HDB Bank’s property Investment unit eyes EGP 450mn sales in 2018

Egyptian Housing and Real Estate Investment Company (HDRIC) says it is targeting contractual sales of 450 million Egyptian pounds ($25.1 million) from its projects at the end of the year.

HDRIC, affiliated to state-owned Housing and Development Bank (HDB), posted third quarter sales of 150 million pounds from Eshraqa, Tala, and Etlalah projects, its head of market studies and assessment Moustafa Maher said on Thursday.

“We marketed around 25 percent of the total units of our fully-fledged residential project, Tala Compound that is located in Sixth of October City on a space of 30 feddans,” Maher further told Amwal Al Ghad.

Tala will be completely delivered by mid-2020, including around 690 units, with total investments estimated at 700 million pounds, he added.

As for Etlalah, HDRIC is set to complete executing the project within a two-year timeframe, at investments totalling around 300 million pounds, he said.

Located in Abbassia Square over 5,000 square metres, Etlalah will include 160 units, with spaces varying between 144 square metres and 250 square metres, Maher added.

As for Eshraqa, the residential compound is located in Sixth of October City on a space of 32 feddans, including a built-up area of 24 percent, Maher earlier said.

“The project is set to encompass 896 housing units, on spaces varying between 112 square metres and 219 square metres,” Maher said.