Egypt HDB Bank’s property investment unit eyes 1,050 homes in La Mirada

Egyptian Housing and Real Estate Investment Company (HDRIC) says it is planning to start implementing 1,050 housing units in La Mirada Compound in Mostakbal City, New Cairo within the first half of 2019.

The 1,050 homes are with total investments worth 1.5 billion Egyptian pounds ($83.6 million), said HDRIC’s head of market studies and assessment Moustafa Maher said on Wednesday.

“We are seeking to achieve contractual sales up to 500 million pounds from our projects next year,” Maher told Amwal Al Ghad.

HDRIC is an affiliate to state-run Housing and Development Bank (HDB).

The targeted sales will be driven by the rise in the Egyptian real estate market activity, he said.

Also, HDRIC is looking to complete executing its flagship Etlalah in Abbassia Square over 5,000 square metres within a two-year timeframe, with investments of 300 million pounds, he said.

“Etlalah is set to include 160 units, with spaces varying between 144 square metres and 250 square metres,” Maher said.