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Egyptian developer Cornerstone Development will deliver its The Curve residential project in the New Administrative Capital (NAC) by the end of 2024, the company’s Chairman and CEO said.
Ashraf Boulos told Zawya Projects that 40 percent of the residential compound’s construction work has been completed and the entire project would be delivered by the end of 2024.
He said the 550-unit project has a total built-up area of 100,000 square metres.
“This year, we will start construction of a commercial area that will cater to The Curve’s residents. The commercial area will include shops, offices, clinics and premium retail stores so that residents need not travel long distances for their needs, which will also reduce emissions.”
He said the company's investments in Egypt’s real estate market has touched 1.4 billion Egyptian pounds ($51 million).
Boulos said the company is studying investment opportunities in the Fifth Settlement in New Cairo and the North Coast, and opportunities to partner with the New Urban Communities Authority (NUCA).
Chief Operating Officer Mourad Shenouda told Zawya Projects that the real estate sector has managed to withstand inflationary pressures and slowdown in economic growth.
“The Egyptian real estate market is the best in the region as it still provides investment opportunities in light of the steady increase in population,” he said.
Shenouda also expressed confidence in the Egyptian economy’s prospects for 2023 citing the recent report by the Ministry of Planning and Economic Development, which indicated that the economy is expected to grow by about 5 percent at the end of the fiscal 2022-23.
He disclosed that the company is finalising land acquisition in Mostakbal City to build a residential villa project.
(1 US Dollar = 27.60 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
