Real estate developer, ARCO, acquired a 410-feddan project in Sheikh Zayed, west Cairo, in partnership with the government, with investments worth EGP 9bn, CEO Ayman Ibrahim informed Daily News Egypt.
Ibrahim said that the company has attained the letter of assignment, and is preparing to sign the contract with the Ministry of Housing, before year’s end.
ARCO is currently preparing the project’s designs, and will submit an international design competition with 15 worldwide design offices, indicated the company’s CEO.
Furthermore, Ibrahim expressed that the company is currently accomplishing the La Fontaine project, and that ARCO has acquired the ministerial approval for it.
“By the end of 2019, La Fontaine project’s first phase should be finalised. It consists of 250 units, and is located in New Cairo on an 34 feddan area, in front of Wadi Degla, just three minutes from the American University in Cairo (AUC). La Fontaine also includes eight artificial lakes,” Ibrahim stressed. “The value of investments directed to the CityStars Al Sahel project has so far reached about EGP 1bn, and this amount was funnelled towards the development of earthworks and the contract with Crystal Lagoons, in order to construct an artificial lake on an area of 60,000 sqm within the project. The project is located on a 743 feddan area, and will be developed over 10 years,” disclosed the CEO.
Moreover, Ibrahim additionally revealed that the company is imparting EGP 3bn just for construction during 2018.
Additionally, ARCO is building a hotel in New El Alamein and two hotels within the CityStars Al Sahel’s project, and each will include 250 rooms, revealed ARCO’s CEO.
“We are studying all proposals in various areas such as New Mansoura, New El Almein and Aswan, since we constantly study all investment opportunities. We do not take any steps without conducting a proper market analysis.” Ibrahim elaborated.
Into the bargain, he explained that the company is studying the acquisition of land in the New Administrative Capital via a partnership system on a 100 feddan area.
Over and above, The company is developing a project in El Mostakbal City on 30 feddan, in collaboration with Wadi Degla Developments, with investment worth EGP 1bn, and EGP 1.5bn in target sales.
Ibrahim called on the government to create airports for most coastal areas such as Ras Sudr, in addition to decreasing flight expenses.
He commented that the mortgage finance rate is very limited, and it must be changed. Naturally, it is not less than 90% of the total customer numbers—like the rest of the world—and the government must compensate interest in mortgage financing, clarifying that there are international mortgage finance benchmarks which can be applied.
Ibrahim further added, “ARCO is contemplating investing in Aswan, and providing middle-income housing units, consequently we have a diversified expansion plan.”
The company’s land bank is about 11m sqm after adding the land partnership, which all are under development, concluded Ibrahim.