Egypt’s El Khalifa Group launches two new real estate projects in West Cairo with investments 750mln pounds ($40 million).
Chairman of El Khalifa Group Amr Khalifa said that West Cairo district has witnessed a strong development volume in line with its aspiration as the Egypt’s tourism capital, especially after the inauguration of a number of national projects, most notably the Great Egyptian Museum and Sphinx Airport.
He said the two projects are likely to be launched in May, coinciding with the beginning of the summer season, which represents the peak of real estate market activity.
Both projects are located in the Green Belt in Sheikh Zayed city, where there is a strong volume of development, reconstruction and a demand from clients, the Group said in a statement.
He pointed that the first project is located on an area of six acres with total investment of 450 million pounds, and the second one is located on an area of five acres with total investment of 300 million pounds.
He said that the company is implementing “Malaga” project in October Gardens (Hadayek October) on an area of 10 acres, which is an integrated residential compound that includes residential units and a commercial mall with a total target sales of 700 million pounds.
