QONTRAC and CMD Real Estate Development have signed one of the largest strategic alliances in the real estate market with an investment target exceeding 4 billion pounds.
The alliance announced the launch of its first projects and one of the most important projects in the new administrative capital “YARU Compound”, with a target investment volume exceeding 2 billion pounds.
Waeel Zien, founding partner and CEO of “CMD”, explained that the signing of the contract with “KONTRAK” comes within the framework of the company’s expansion plan in the real estate market and entering into its diversified activities, whether real estate development, contracting, or infrastructure or real estate marketing, and this is included in the terms of contracting between the two companies.
He stressed that the YARU Compound project was the first business of the new alliance, a 37-acre commercial hotel housing project with a total area of 1,577 units, of which 1,464 units are residential, including 48 hotel rooms, and 34 units are commercial.
He added that QONTRAC and CMD are among the largest companies operating in the Egyptian real estate market and have long experience in various fields, where QONTRAC owns 10 companies affiliated in the fields of real estate development, contracting, infrastructure and real estate marketing, as it follows (CMD) 6 companies In different fields and signing an alliance between the two entities a major event will generate an entity able to change the map of the real estate market as a whole, occupy the first position, and provide a unique, innovative and non-traditional real estate product added to the real estate market.
We are aiming to implement huge merger and acquisition deals in the real estate market, and to implement a number of giant real estate projects in the new administrative capital, New Cairo and New Alami, Zien said, adding that the expected investment cost of the project is estimated at 2 billion pounds and the target sales value exceeds 3 billion pounds.
He pointed out that YARU Compound is the first step of the alliance in the real estate market and the plan to implement a large package of various projects in the new administrative capital in line with the plans of the state for development and based on the future of the capital, which will be the future of investment to the world and the support it receives from the country.