Ebny Real Estate Development Company acquired a new plot of land extending over 36 feddans in the New Sohag City to embrace the company’s second project there. The plot, which has been acquired through a bid recently offered by the New Urban Communities Authority, comes within the framework of the company strategic expansion plan in the Upper Egypt region.
Dr Abdullah Kamel, Chairman of the Board of Directors of Ebny Real Estate Development Company, said that the new project is a step within a long-term strategic plan that the company put to expand in the new cities, especially the New Sohag City; hence its attractiveness for investments, and the remarkable interest it receive from real estate development companies.
“Several projects and investment opportunities are being studied in Upper Egypt region in a company bid to invest 4 billion pounds in integrated urban projects there, following the huge turnout that the company’s first project saw in the New Sohag City at the end of last year,” Kamel said. He pointed out that the company intends also to pump LE250 million into the construction of “Green Avenue” – its first project in New Sohag City – where the company has finished selling all the units of the first phase, and opened the door for reservations in the second phase of the project, considered an environmentally friendly.
The administrative-entertainment-commercial mall established in the project was also launched, he said, pointing out that major management companies were chosen to operate it.
Dr Kamel spoke of the company’s intention to deliver the new Sohag project ahead of schedule, especially in light of the high demand that the project units witness for reservation.
With previous major businesses in the field of residential and commercial projects, the company implemented 17 housing projects in Nasr City, Heliopolis, and New Sohag city with investments close to LE3 billion.