Next Home to inject EGP2bn into Egypt’s market

NextHomeDevelopmentsispoisedtofollowthroughwithitsexpansionplanbyinjectinginvestmentsworth EGP2bn into Egypt’s real estate market, according to chief executive Eng. Mostafa El-Tonsi.

The plan involves the pumping of up to EGP2bn investments into a plethora of new projects and to start off with a new project in the New Administrative Capital in 2021, he added.

In a press conference held recently, El-Tonsi said the company will launch Business Arena, its latest projects consisting of a commercial and administrative mall with multiple spaces and diverse payment schemes.

Business Arena, the non-residential sequelof Next Point and spreading over 42,000sqm, generated contractual sales worth EGP1bn.

With buildings of the project consisting of a basement and 11 floors, 80% of Business Arena has been put up for sale.

Business Arena’s commercial buildingsare comprised of a walkway with outlets of severalbrands spanningan area of 1000sqm, he explained, adding that Next Home has investments totaling EGP3.2bn.

With the aim of setting up housing and commercial project, thecompanywillenter a joint venture along with one bank to form a strategic partnership and official tie-up, he elaborated.