Lazura Developments has signed a partnership agreement with Saqr Investment, in cooperation with a banking institution and Farida Real Estate Applications Company, to launch and operate the Luxor Hotel project within the Lazura New Cairo compound. The project’s total investment exceeds EGP 1bn, according to a company statement.
The development is planned as a serviced apartment project within the residential compound located in New Cairo, with delivery targeted within three years. It forms part of Lazura’s broader strategy to introduce mixed-use real estate developments that combine residential units with hospitality services and investment opportunities.
Ahmed Abdel Hakim, chairperson of Lazura Developments, said the agreement aligns with the company’s strategy to expand into integrated real estate projects that offer diversified residential and investment options. He added that incorporating serviced apartments is expected to enhance the overall investment appeal of the compound.
For his part, Ahmed Saqr, chairperson of Saqr Investment and Farida Real Estate Applications, said the agreement includes the establishment of an escrow account structure in cooperation with Lazura and a banking partner. He described the move as part of efforts to introduce new real estate investment mechanisms in the local market.
Saqr added that Farida’s digital platform enables fractional ownership in real estate assets, allowing investors to purchase shares in hotel units. The first tranche of units in the project is expected to be offered through the application in the coming period.
Ramadan El-Seddik, board member of Lazura Developments and chairperson of MSD Contracting, said the project will be implemented under an accelerated construction schedule using modern building technologies. MSD Contracting will participate in execution works alongside Lazura’s technical teams.
Meanwhile, Ahmed Fouad, chief executive officer of Lazura Developments, said the project reflects a growing trend towards integrating hospitality services within residential compounds.
He added that cooperation with Saqr Investment, the Farida platform and a banking institution aims to provide investors with access to potential returns generated from hotel operations under professional management.
The company expects the project to attract both local and international investors seeking income-generating real estate assets in New Cairo.
