Abraj Misr develops EGP 4.5bn project in El-Nozha: Company chairman

Mohamed Ayyad
2 Min Read

Abraj Misr is developing a commercial and housing project in El-Nozha in Heliopolis with investments estimated at EGP 4.5 bn. The project will utilise an intelligent building system that features large green spaces and conserves energy consumption, according to company Chairman Aly Rabie.

At a press conference held on Wednesday, Rabie said that commercial units will be ready within three years, while housing units will be completed within five years.

Rabie said that Abraj Misr plans to sign a contract with a foreign contracting company for construction as the nature of the project will exceed the capacity of local contracting companies. The company has already contracted a French consultant.

Rabie said that the company has begun allowing customers to reserve residential units, a crucial source of financing for the 20% self-funded project. The remainder of necessary financing will be obtained through bank loans, which will account for 30% of the total, and shares provided by the company’s cash flow from sales.

According to Rabie, the company’s total investments are EGP 8.5bn distributed between its Nozha project, worth EGP 4.5 bn, the Sabiduria project, worth EGP 2.5bn, and the Link Soukna project, worth EGP 1.5bn.

Rabie said that his Abraj Misr is also vying for a 550-acre plot of land owned by El Mostakbal company, explaining that the idea of offering company shares on the stock market in order to generate the required funding is an idea that is currently being discussed.

Abraj Misr is optimistic regarding the Egyptian market and  will continue to invest, stated Rabie, adding that the Nozha project units will be priced higher than traditional construction by a rate of 20% – of which the company will bear 10%.

Rabie said that the property tax approved by the government will not affect the rate of demand for units, and imposing fees on steel will raise production costs.

Abraj Misr was founded 4 years ago as a subsidiary of Tabarak Holding.

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