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Minka Investment to inject EGP 500m in THE HOFT project First phase of Minka's boutique development "THE HOFT", to be located inside of Cobalt Business District at Taj City
Minka Investment intends to direct EGP 500m in its new project THE HOFT on a 3,400 sqm piece of multi-purpose land in Taj City. The master plan is being developed by Madinet Nasr Housing and Development's (MNHD), according to Abdallah Sallam founder and CEO of Minka Investment. Minka is a private real estate investment and development company managing a diversified pool of properties and investing in a collection of complementing ventures, and most interestingly innovating with product offerings through boutique developments. Sallam told Daily News Egypt that THE HOFT is a mixed-use project comprising of commercial, residential, and administrative units fledged on six floors with a total built up area of around 15,000 sqm. He noted that the ground floor will be dedicated to a unique commercial plaza and the first and second floor will offer administrative and office solutions in the form of a revolutionary co-working space and a collection of modular offices. Meanwhile, the third, fourth and fifth floors will be exclusively residential, offering efficiently designed serviced lofts, and approximately 120 residential lofts. He further pointed out that the company develops its own projects' designs and interiors. “The company will begin the project implementation in the first quarter of 2020 and is planning to deliver by 2023,” he noted. The company has also innovated a serviced-apartment project dubbed “Cairoom”, he said, elaborating that it offers a network of fully furnished and serviced apartments of different sizes inside different real estate developments in Egypt. He revealed that the project's initial investment is worth approximately EGP 10m, disclosing that the company targets providing 1,000 units through the Cairoom project in the next 5 years. Moreover, the company is developing a very exclusive English styled complex of stacked townhouses named Kensington. The project offers 5 exclusive units, each replicating an exclusive English living experience with private backyards and rooftops. The project is suited in the prestigious West Gold Extension neighborhood in New Cairo, he added. Sallam said Kensington's investments reached EGP 50m on 1,000 sqm and is almost completed and due for delivery within the coming months. Earlier, the company had completed another boutique project in the New Cairo, called "H Residence," and comprises of two coupled apartment buildings also located in West Golf neighborhood and contains four duplexes and eight apartments. He unveiled that Minka is currently preparing for a new mixed-use boutique compound in New Cairo that will further promote the company's philosophy of setting forth forward-thinking and innovative developments to the market. Commenting on the interest rate cut, he said that it was an extremely positive move and hopes for further cuts in the interest rate which will help promote real estate investments, grow the market, and increase the appetite for investment in real estate and other sectors as well, he is confident that the current economic direction will attract a lot of investment to a promising and rewarding Egyptian market. He denied a slowdown in real estate demand but believes it's a matter of time and introduction of financing tools to promote affordability for the market in order to revive activity. He believes that the Egyptian market and population are growing at a rate that guarantees continuous and increasing demand that is not yet fulfilled. Minka is a private real estate investment and development company managing a diversified pool of properties and investing in a collection of complementing ventures, and most interestingly innovating with product offerings through boutique developments. With more than EGP 380m of assets under management and more than EGP 600m of projects under development, Minka Investment is focused on bringing forth innovative boutique developments and services to the Egyptian real estate market.
