Egypt’s Allamco Properties to invest 500 mln pounds this year

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Egyptian property developer firm Allamco Properties plans to pump investments estimated at 500 million Egyptian pounds ($28 million) into its flagships within 2018, said general manager Mamdouh Abou Arab on Thursday.

These investments will be directed to complete the company’s ongoing projects and purchase a number of land plots in order to carry out new flagships within the current year, Abou Arab further told Amwal Al Ghad.

The Egyptian official referred that his company is currently executing a bunch of projects in Beit Al Watan New Cairo flagship, which allows Egyptian expatriates to own lands in their homeland.

“The company seeks to purchase 64 new land plots in in Beit Al Watan within this year,” Abou Arab added.

In addition, Abou Arab said that Allamco targets contractual sales worth about 450 million pounds at the end of the year up from 250 million pounds during the same period in 2017.

“The targeted sales will be driven by the rise in local real estate market activity and the implementation of new projects,” he noted.