Empire State Developments, Egyptian real estate and construction company, is betting on rising demand for premium housing in the New Administrative Capital, targeting about EGP 5.6 billion ($112 million) in sales from its latest luxury residential project.

The company’s expansion strategy comes as Egypt’s property market adapts to higher construction costs, currency fluctuations and shifting buyer preferences, with developers increasingly focusing on delivery timelines, cash flow discipline and value-driven projects.

Empire State expands luxury footprint in New Capital

The company’s Chairperson Mostafa Mohsen said Empire State is prioritizing construction progress across its portfolio while maintaining a cautious approach to launching new developments.

The company’s mixed-use project, El Centro, located in Downtown New Capital overlooking Central Park, has achieved contracted sales of EGP 1.5 billion ($30 million). Construction progress has exceeded 50%, with three basement levels completed and most above-ground structures underway.

About 97% of El Centro’s units have already been sold, leaving only the top floor available. Empire State is evaluating whether to sell the space later at a higher valuation, transform it into a panoramic restaurant or operate it as a long-term income-generating asset.

Upmount project drives residential growth

Empire State’s newest residential development, Upmount, launched in January 2026, is expected to generate approximately EGP 5.5 billion ($110 million) in sales.

The project includes about 1,100 residential units, with deliveries scheduled to begin in 2030. Designed around modern international housing trends, Upmount introduces a loft-inspired concept featuring double-height ceilings reaching six meters.

Loft apartments represent about 70% of the development, while traditional apartments account for the remaining 30%. Unit sizes range from 84 square meters to 230 square meters, offering one- to four-bedroom layouts.

The first sales phase, covering roughly 30% of the project, has been largely absorbed by buyers, while future phases will introduce serviced apartments targeting investors seeking recurring income opportunities.

Egypt real estate market faces new challenges

Mohsen said developers have faced pressure from rising construction expenses and exchange-rate volatility, which reduced purchasing power and increased project costs.

Despite market challenges, Empire State is positioning itself within Egypt’s growing luxury real estate sector by focusing on premium designs, green spaces and lifestyle-oriented communities.

With more than three decades of experience, Empire State Developments has built a portfolio spanning residential, commercial and coastal projects. The company emphasizes energy efficiency, environmental design and large open spaces, with some developments allocating up to 70% of land to greenery.

As Egypt’s New Capital continues attracting investment, developers such as Empire State are seeking to capture demand for high-end housing, commercial spaces and modern urban communities.