Maspero Triangle Project A Cultural Shift In The Downtown
Inland Properties Group
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Undoubtedly that the Egyptian industry in recent years is witnessing a strong real estate development movement and a huge boom. Urban expansion is not limited to the establishment of new cities only, like the?New Administrative Capital?but also the development of slums and the beautification of?Egypt’s?historical places.
The Maspero Triangle development project is one of the huge real estate development projects that the downtown area has been witnessing in recent years.?
Today we will present to you the Maspero Triangle project.??
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Maspero Triangle history
Maspero area is considered an area with a long history, like the rest of Great?Cairo. Some places in this area date back to the 1400s and 1800s. The region represents a civilized, cultural, and political heritage.
It is said that the ownership of the land of the Maspero area belongs to Sharkas Pasha, who left Egypt with the departure of the British invasion of Egypt. Before Sharkas Pasha left Egypt, he donated this piece of land to his servants and workers at the time.?
With the passage of time and the change of generations, the new owners of the land sold it to the people, and in turn, the people sold parts of the land to Saudi and Kuwaiti investment companies.
The Maspero area has been in this way for many years, combining slums, luxury buildings, and investment projects at the same time.?
Real estate investment is one of the most successful sectors currently dominating the Egyptian market. You can always follow the real estate news through our website and you can also read this article.?4 points that will interest you about the current Egyptian real estate market.
Where is the Maspero Triangle located?
The Maspero Triangle is located specifically in?the downtown?area along the Nile Corniche, between the Ministry of Foreign Affairs and the Radio and Television Building.?
The project is called the “Maspero Triangle" because the area takes the shape of a triangle. The Maspero Triangle area is located in the Western District of Cairo Governorate, bordered by the Nile Corniche on the western side, 26th of July Street on the northern side, Al-Galaa Street on the eastern side, and Abdel Moneim Riyad Square on the southern side.
The Maspero Triangle is surrounded by a group of the most famous and prestigious buildings, including:
Egypt's plan to overcome slum housing
Since 2016, the state, under the leadership of?President Abdel Fattah El-Sisi, has set?Egypt's Vision 2030. This vision is based on 8 main goals of development, and at the forefront of these eight items is the item upgrading the quality of the Egyptian citizen and improving his standard of living. To implement the provisions of this vision, it was necessary to develop a plan to eliminate slums and improve the situation of the population there.
The Maspero Triangle area in the center of the country was at the forefront of the areas that were subject to the development plan. For many years, the Maspero area represented a great challenge because it contained a group of the most important buildings such as the Egyptian Radio and Television Building and the Ministry of Foreign Affairs building. At the same time, this area contained a huge area of random buildings.
Maspero Triangle project details
The total area of the Maspero Triangle project is about 75 acres, which is a huge area. The project extends over an area of 900 meters directly on the Nile Corniche in this area.
The main vision of the project is to promote the area and raise the efficiency of the surrounding places such as Abdel Moneim Riad Square, and the most important goal is to turn it into a residential, commercial, recreational, and tourist area.
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It is worth noting that the Egyptian state owns only 10% of the land area, but it bears the cost of eviction alone, while the ownership of the rest of the land is owned by the people by 25%, and the rest of the area remains 65% owned by investment companies.
The Maspero Triangle development plan has been set to be for a period of three to five years since the beginning of work on the project. In recent statements, Eng. Khaled Siddiq, Head of the Urban Development Fund, stated that the Maspero Triangle development project is nearing completion, with a rate of 97%.?
After completion, people will be settled in the towers, which the Egyptian state, led by President Abdel Fattah al-Sisi, has been keen to develop for people who will return to their homes in the Maspero area. After it represented one of the unsafe slum areas.
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The most important projects in the Maspero Triangle?
To achieve the vision of the Maspero Triangle project and reach successful results, it was necessary to cooperate between state institutions and private sector companies.
Among the companies that are developing their projects in the Maspero area is?City Edge Real Estate Development, and the company owns more than one project, including:
The Arab Contractors Company is also executing one of the residential projects, which is an entire tower consisting of five buildings. The project consists of three roles:
Residential units in Maspero Triangle
One of the biggest difficulties posed by the Maspero Triangle area at the beginning of the development is the number of residents in this area who must be compensated and the number of housing units that must be provided for them. Therefore, the Egyptian state has borne the costs of the citizens' residence in rental apartments until the citizens could return to their new homes in the Maspero Triangle.
The first phase of the residential apartments, consisting of 4 towers, directly overlooking the 26th of July axis, has been completed. The number of apartments in Maspero that have been implemented for returning families has reached about 1,000 housing units at a total cost of one billion pounds. The government also set mandatory conditions not to resell their units for 30 years.
Maspero Triangle project phases
The first stage:
The second phase:
The third phase:
This stage is called the new Maspero Towers or the Maspero Nile Towers because it overlooks directly on the Nile
It is worth noting that commercial units are only being offered at the current time, and administrative units will be launched by the end of 2022, while residential units will be launched during 2023.
You can always know the details of the Maspero Triangle projects and the latest prices by contacting us directly on this number?01003366453?
If you are interested in knowing the?latest real estate news, you can always check the latest developments on?our website.