Abdul Hamid Al-Wazir: Launching a new project in the New Capital on an area of 2,500 square meters

Arabesque Real Estate Development Company is participating in the launch of a new project in the New Capital, with the participation of 3 major real estate companies on an area of 2,500 square meters in the Don Town area of the new capital, said Dr. Abdel Hamid Al-Wazir, head of Arabesque Real Estate Development and head of the Support and Follow-up Committee of the New cairo  Developers Association. 

He explained that the new multi-use project consists of administrative, commercial and medical units, explaining that the project will be announced during the next week, and the project consists of the ground, first and second floors, which are commercial units and 12 floors between administrative and medical units, and the areas of the experimental units start at 50 square meters and the areas of administrative and medical units start at 26 square meters.

He added that the project's initial investment is 250 million pounds, with expected sales estimated at 750 million pounds.

The head of Arabesque Real Estate Development Company confirmed that the real estate sector is witnessing many mergers and alliances during the coming period, especially after the state announced the decision not to offer real estate projects for sale until after implementing 30% of the project, which leads to the exit of companies that do not have experience in the real estate market.

Abdul Hamid Al-Wazir, added that there are many real estate companies that stormed the real estate sector without experience, explaining that the sector witnessed many intruders, which harmed the real estate market.

The real estate sector was the main beneficiary of that decision, as it allowed banks to expand funding for real estate projects, provided that the project was implemented by 30%, so that real estate sales boomed and the sector was experiencing a major recovery.

He pointed out that the first stage of activating this decision will be tantamount to breaking bones, explaining that there are many companies that depend in carrying out their projects on sales, noting that it is the companies that continue in the market that possess the experience.