Adds Developments enters Egypt's property market with 220-feddan land bank
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Adds Developments has entered Egypt's real estate development market with a 220-feddan land bank, starting in East Cairo, the company's chairperson Abdullah Sohail said.
Adds Developments has entered Egypt's real estate development market with a 220-feddan land bank, positioning East Cairo as the starting point of a wider expansion strategy, the company said.
The developer said its entry builds on its founders' experience in real estate-related activities in Egypt since 2015, covering contracting, asset management, operations and facility management, as well as more than 20 years of operations in the United Arab Emirates since 2003.
Abdullah Sohail, Chairperson of Adds Developments, said the group's experience across different stages of the development cycle would allow it to manage activities ranging from assessing investment opportunities and development to construction, facility management and operations. He added that the company will work with consultants and specialised partners, focusing on project timelines, engineering specifications and operational requirements, and plans to retain ownership of some units within its projects.
Sohail said the company sees Egypt as a market supported by population growth, urban expansion and the ongoing development of new cities and communities, adding that government-led urban development is creating opportunities for real estate companies and that the company supports the objectives of Egypt's Vision 2030 for integrated and sustainable urban development.
Adds Developments said it is preparing to launch its first project in East Cairo, described as the first stage of a wider development plan for the area, with contemporary architectural designs and flexible spaces targeting different customer and investor requirements. The company has not yet disclosed the first project's development value, sales target, area or expected launch date.