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Misrrea to sell off "Osoul El Haram" project - Daily News Egypt

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Misrrea to sell off “Osoul El Haram” project

Company's project portfolio reaches 9,666 real estate units in various governorates


Misr Real Estate Assets Management (Misrrea), a company of the Ministry of Public Business Sector, signed the exclusive marketing contract for Osoul EL Haram project with HSG Investment and Development.

During a press conference on Wednesday, Basel El-Hini, Chairperson and CEO of Misrrea said, “We are eager to be part of the distinguished Osoul El Haram project, launched in cooperation between Misr Real Estate Assets Management Company and HSG Investment and Development to market the units of this project.”

 

“Misr Insurance Holding Group is delighted to support Misrrea company, such a major entity within our group, that plays a huge role in expanding and developing our businesses, as it own and manages the huge real estate portfolio of the group, leading us to achieve more growth and prosperity,” he said.

General Manager of HSG Investment and Development Company Walid Salah said that the Osoul El Haram project consists of six residential buildings, each consisting of four floors with a total building area of 11,608 sqm. It includes 64 apartments ranging from 142 to 257 sqm, in addition to the ground floor, which contains a mall and a first level allocated for administrative units. The building stands on 50% of the construction area of 2,902 sqm, with a garage servicing the entire project, designed with a capacity of 118 cars.

Chairman and CEO at Misr for Real Estate Assets Abdel Nasser Taha said that Osoul El Haram complex is established on an area of 5,804 sqm, to include a variety of residential, commercial, and administrative units located in a prominent location in El Haram district, with a marvelous 40m view of El Haram street.

“With such a vital location in a touristic site, the project aims to stimulate the commercial movement, open new markets, export local products, and contract with the largest international brands. Osoul El Haram project is a model for integrated housing projects and it certainly contributes to supporting tourism in the region,” said Taha “with an estimated sales volume of about EGP 300m, the project is scheduled to be delivered in two phases, the first in June and the second in September 2021.”

Taha further elaborated that the success of the project did not entirely depend on its construction and designs only. Marketing for real estate projects plays an important role in promoting projects and selling residential and commercial real estate units, and accordingly it is considered the backbone of the work of any real estate company that seeks to sell its projects and guarantee the success of the project, and this is what is aimed at with our contract from HSG Investment and Development as one of the strongest real estate marketing companies and to benefit from their experience and strategy in the Egyptian real estate market.

Mohamed El Gazzar, Managing Director of HSG for Investment and Development, expressed the company’s eagerness to work on marketing and presenting Osoul El Haram project as the first real estate project bearing the signature of Misr Real Estate Assets Management Company with the idea of the modern real estate developer. 

El Gazzar highlighted the vital location that links the project with a set of basic services surrounding it, including schools, commercial and service areas, many hotels, and tourist and historical places.

Misrrea has an investment volume of more than EGP 1bn, and a portfolio of numerous businesses varying between management, purchase, leasing, ownership, development, and restoration. Moreover, the company is expanding their businesses by working on the Cairo Khedive Project in cooperation with a group of experts and leaders.  

Misrrea is a public company and part of the Misr Insurance Group, with nearly 900 employees, it manages one of the largest real estate asset portfolios in Egypt. The size of the portfolio under Misrrea includes over 9,666 properties, located over six governorates, offering the advantage of first-class assets and prime asset locations.

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