Egypt’s real estate firm Alalmeya to develop $394mn project in New Cairo

Egypt-based property firm, El Alameya for Development & Real Estate Investment, is set to develop a residential project on the Egypt-Suez Road with total investments worth 3.5 billion Egyptian pounds ($394million), according to Chairman Karam Hamouda.

The new project will be located in front of the New Administrative Capital and will be built over three phases, on 300 feddans of land.

The project will include residential building with varying sized apartments, villas, and a sports club. Dubbed as “Compound Alalmeya”, the project is scheduled to be completed by year 2020, added Hamouda.

Half of the project’s financing will be provided through a bank and the remaining half will be self-financed, Hamouda added.