Egypt’s property developer Madaar planning new hotel project this year

Egypt’s real estate Madaar Development Company is planning to launch a new project in Sheikh Zayed City, at the outskirts of Cairo, within 2017.

Gasser Bahgat, Madaar’s CEO, said Monday the project will be with total investments of more than two billion Egyptian pounds ($119.7 million).

“We are currently preparing the essential designs for our project,” Bahgat noted.

The Egyptian official further added that the project is to be located in Sheikh Zayed, on a space of 45,000 square metres.

“It is commercial, administrative, and hotel project, which includes around 650 hotel rooms,” Bahgat referred.

Madaar is working on diversifying its portfolio of projects, by offering various types, locations, and spaces of the unit in order to fill the needs of different segments in the Egyptian real estate market, he elaborated.

Egypt’s real estate market would witness an increase in prices ranging between 25 and 30 percent within the first half of this year, Bahgat expected.

About investments in Egypt’s new capital city, CEO Bahgat concluded that Madaar is studying plans to partake in the project’s second phase, but the current investments are not clear yet.