Hassan Allam mulls new residential project in Cairo

Egypt’s construction firm Hassan Allam studies developing a residential project in Mohandessin area in Cairo, said its managing director for financial affairs on Saturday.

Spanning over 8,000 square metres, the new project comes as part of the state-owned firm’s scheme to develop its land portfolio in the real estate investment activity within the next period, Atef Barbary added.

“We earlier sold a new land plot on a space of more than 14,000 square metres in Alexandria, the country’s second largest city, in favour of Al Nasr for Real Estate,” Barbary said.

Hassan Allam was mandated to execute the construction works, at a cost exceeding 1.3 billion Egyptian pounds, he added.