Next Home to inject EGP2bn into Egypt’s market

Next Home Developments is poised to follow through with its expansion plan by injecting  investments worth 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 sequel of 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 buildings are comprised of a walkway with outlets of several brands  spanning an area of 1000sqm, he explained, adding that Next Home has investments totaling EGP3.2bn.  

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