Pyramids Real Estate eyes $36.9mn contractual sales from Alamein Capital flagship

Egypt’s real estate developer, Pyramids Real Estate says it targets contractual sales of 600 million Egyptian pounds ($36.9 million) from its flagship – Alamein Capital – in New Alamein City.

Spanning over 14 feddans, the project will include 300 units as well as one hotel and commercial centre, Pyramids’ sales manager Mohamed Seif el-Nasr told Amwal Al Ghad on Thursday.

Alamein Capital will be delivered in one phase within 2022, Seif el-Nasr added.

“We plan to execute another project on a space of 180 feddans in New Alamein, 240km (149.1 miles) from Cairo,” he said.

Last March, Egyptian President Abdel Fattah al-Sisi inaugurated New Alamein City on a space of 48,000 feddans, at a cost worth 2 billion pounds.

New Alamein is one of the fourth generation cities being built in Egypt in some of the most up-to-date architectural styles, and the government hopes it would be finalised in one-year timeframe.

The city is planned to have universities and schools as well as various services and tourist activities. It is set to accommodate 400,000 populations.