Kandeel Group Real State Development is looking to invest $338 million (EGP 3bn) over the next three years in housing and tourism projects, focusing on new locations, like the North Coast and Ain Sokhna, said the company’s general manager, Lotfy Kamel.
Established in 2000, Kandeel Group Real State Development is a S.A.E. company that has a number of housing projects across Egypt, including 6th October City, Abou Talat in Alexandria, Maadi, Shorouk, and Fifth Settlement, in addition to housing agriculture projects on the Cairo-Alexandra Desert Road.
In an interview with Daily News Egypt, Kamel said that Kandeel Group Real State Development targets sales worth 1.2bn this year, in addition to the sale of 120 housing units.
Amid plans to expand in new areas, Kandeel Group is also negotiating with the Ministry of Housing to participate in the New Administrative Capital.
Daily News Egypt
7 September
