Hassan Allam Properties (HAP) has begun the earthworks of the first phase of its HAPTOWN project in Mostakbal City, while the construction works will start in April, according to CEO of Hassan Allam Holding, Hassan Allam.
Allam told Daily News Egypt that the company aims to inject EGP 20bn of investments in the project, which will be developed over seven years.
“The project is extraordinarily situated right in the heart of Mostakbal City, the eastern extension of New Cairo. It lies in front of Mountain View and Mountain View iCity in New Cairo,” Allam stated, adding, “What makes this location unique is that its land is dedicated to residential compounds only.”
He elaborated that HAPTOWN includes commercial buildings, service centres, huge landscapes, social clubs, sports centres, bike lanes, pedestrian paths, in addition to a number of leisure and retail spaces.
HAP successfully launched HAPTOWN in March 2018 on a total area of 250 feddan.
Commenting on the company’s plans to expand in the New Administrative Capital (NAC), Allam pointed out that HAP is currently focusing on its residential projects in New Cairo and Mostakbal City, however, he noted that the developer is currently implementing infrastructure works at the NAC at a total cost of EGP 20bn.
He pointed out that the real estate market is witnessing high supply, however there is still a gap between the demand and supply, expecting that the market will witness a big filtration process to the companies.
He noted that the big companies with previous achievement records will survive and will not be affected by the current circumstances in the sector.
Commenting on the mortgage finance system in Egypt, Allam said that the Egyptian state has to consider the mortgage system in the market, noting that it is important for some new companies depend on sales revenue in implementation.