Lazura, Saqr Investment and Farida Launch EGP 1bn Serviced Apartment Project in New Cairo
Lazura Developments has signed a partnership agreement with Saqr Investment and Farida Real Estate Applications Company to develop a serviced apartment project within its Lazura New Cairo compound. The Luxor Hotel project carries a total investment exceeding EGP 1 billion, with delivery targeted within three years, and forms part of Lazura's strategy to expand into mixed-use developments that combine residential units with hospitality services.
The project will feature an escrow account structure established in cooperation with a banking partner, while Farida's digital platform will enable fractional ownership, allowing investors to purchase shares in hotel units - with the first tranche expected to be offered through the application in the coming period. Construction will be carried out under an accelerated schedule using modern building technologies, with MSD Contracting participating in execution works alongside Lazura's technical teams. The company anticipates the project will draw both local and international investors seeking income-generating real estate assets in one of Cairo's fastest-growing districts.
Source: Daily News Egypt
