New Launch - India Real Estate Report 2026.
Egypt's real estate market is entering a more selective phase where execution, liquidity management, and disciplined expansion matter more than rapid project launches, according to Mostafa Mohsen, Chairperson of Empire State Developments. The company is preparing to achieve around EGP 5.6 billion in sales from its latest residential project in the New Capital, with the total figure for its newest launch, Upmount, cited at approximately $112 million.
A Shift Toward Disciplined Growth
Mohsen explained that the company has adopted an ambitious expansion strategy in response to changing market conditions, prioritizing project delivery and cash flow management over launching multiple developments simultaneously. This approach reflects broader pressures across Egypt's property sector, where exchange-rate fluctuations and rising construction costs have sharply reduced the purchasing power of cash in a short period.
El Centro's Progress
El Centro, the company's mixed-use commercial and administrative project overlooking Central Park in Downtown New Capital, has recorded total contracted sales of EGP 1.5 billion. Construction has surpassed 50 percent, with three basement levels completed and most above-ground floors already underway. Around 97 percent of the project's units have been sold, with only the top floor intentionally retained — a space Empire State is considering selling later at a higher valuation, converting into a panoramic restaurant, or leasing for recurring income.
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Inside the Upmount Project
Launched in January 2026, Upmount consists of around 1,100 residential units, with deliveries scheduled to begin in 2030. The project introduces a modern take on the "loft" concept, featuring double-height living spaces reaching six meters, inspired by contemporary international residential designs.
- Loft apartments make up around 70% of total units; conventional apartments account for the remaining 30%
- Unit sizes range from 84 sqm to 230 sqm, across one- to four-bedroom layouts
- The first sales phase, representing about 30% of the project, has been largely sold
- Future phases will include serviced apartments
Financing Strategy and Market Outlook
Rather than relying on new project sales to fund existing developments, Empire State has used internal resources from affiliated companies and shareholders. Its contracting subsidiary handled construction internally at lower margins, while an affiliated wood manufacturing business also helped reduce operating costs.
Mohsen noted that New Capital's infrastructure is largely complete, with residential prices in districts like R7 rising from around EGP 6,000 per sqm in 2017–2018 to EGP 30,000–40,000 per sqm today. Foreign buyers account for more than 15% of Empire State's sales, and the company plans to expand marketing through property exhibitions in Saudi Arabia while remaining selective about future project launches in areas such as Sheikh Zayed, 6th of October City, and the North Coast.
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