By Eman Hamed
Hassan Allam Properties (HAP), a leading real estate player in Egypt, announced today the acquisition of a new land plot at MIDAR’s Mostakbal City. This expansion represents a significant advancement for HAP, further establishing its position in East Cairo generally and in one of Egypt’s rapidly growing real estate hubs specifically.
With an investment totaling EGP 35 billion, the new mixed-use development spans across 279 feddans. It will feature a diverse range of residential offerings including single and multifamily homes. The development will go beyond the residential asset class into commercial spaces as well, catering to various lifestyle preferences and lending a well-integrated lifestyle.
Mohamed Allam, CEO of Hassan Allam Properties, commented, “We are delighted to partner with MIDAR for the third time at Mostakbal City. This collaboration reflects our strategic vision, underlining our dedication to expanding our land assets and geographical footprint.
Our longstanding collaboration with MIDAR has been pivotal in elevating Mostakbal City into a premier destination within East Cairo real estate landscape. Leveraging MIDAR’s extensive mastery in development, we are confident that our new joint undertaking will yield promising results. Together, we aim to continue driving innovation and excellence in the real estate sector, ultimately enhancing the quality of life for residents and investors alike.”
The new acquisition underscores the established partnership between HAP and MIDAR. Following the success of previous ventures at Mostakbal City, namely Haptown and The Valleys, this latest endeavor represents a continuation of their shared vision for the area.
Haptown, spanning over 140 feddans, has seen 93% of its units sold. This community features 5,000 units of both single and multi-family homes. Meanwhile, The Valleys, covering 110 feddans, has achieved substantial sales success since its launch at the end of 2023.
Ayman Elkousey, Managing Director and CEO of MIDAR, stated, “At MIDAR, we are excited to embark on this journey once again with Hassan Allam Properties. Our partnership has yielded remarkable success stories in the past, and we are excited to continue this legacy with the new project at Mostakbal City. This collaboration underscores our shared commitment to creating sustainable, community-centric developments that enrich the lives of residents through our combined knowledge and dedication.
We look forward to leveraging our expertise to bring this project to fruition and further elevate Mostakbal City as a premier destination.”