Financing remains a key challenge for real estate developers as Empire State eyes steady expansion: Mostafa Mohsen

Empire State targets a “value-for-money” proposition to deliver the right product to its target customers

Egypt’s real estate market is experiencing an exceptional phase amid rapid urban expansion: Mostafa Mohsen

Eng. Mostafa Mohsen, Chairman of Empire State Developments, said that financing remains one of the key challenges facing real estate developers, adding that most companies rely heavily on their own resources to acquire land, pay land installments, develop projects, cover marketing and construction costs, and deliver units to customers.

Speaking to presenter Dina Abu El-Ela on the “Investment Gateway” TV program on the sidelines of his participation in the Golden Hub Real Estate Festival 2026 in New Alamein City, Mohsen said that expanding financing options available to developers could help accelerate project execution.

He added that addressing the financing challenge would significantly enhance companies’ ability to increase construction and project completion rates.

Mohsen noted that Empire State Developments’ experience in real estate development is backed by more than 25 years of expertise in the contracting and finishing sectors.

He explained that his move into real estate development was driven by a desire to leverage his technical and engineering expertise to deliver differentiated real estate products that meet customers’ needs.

He further pointed out that Empire State Developments began its development activities in the New Administrative Capital after initially entering the city in 2018 as a general contractor, carrying out construction and finishing works for a number of developers before deciding to launch its own projects.

The company has several projects in the New Administrative Capital, including El Centro, an administrative, commercial, and medical building located directly on Central Park in the Downtown area.

Mohsen explained that the location was chosen for its strategic position in a central district surrounded by banks, ministries, and major business institutions.

El Centro comprises three basement levels designated for parking, with the first three floors allocated to commercial properties, two floors dedicated to medical activities, and the remaining floors designated for administrative uses, making it a mixed-use development.

Empire State Developments subsequently expanded into residential development with UPMOUNT, a project located in the R8 district of the New Administrative Capital and spanning more than 21 feddans. The project aims to offer a different residential concept focused on creating an integrated lifestyle for customers rather than simply providing a housing unit, Mohsen said.

He explained that the project’s land permits a maximum building footprint of 22.5%, but Empire State Developments chose to limit the footprint to 17% to maximize green and landscaped areas across the development.

The company also opted for lower building heights. Although the project’s license allows for a ground floor plus eight floors, 60% of the development will feature a ground floor plus seven floors, while the remaining 40% will consist of a ground floor plus four floors.

Mohsen said the company’s philosophy is that **“Empire State builds lifestyles, not buildings,”** aiming to create an environment where customers can feel comfortable and enjoy the development from the moment they enter until they reach their homes.

Empire State’s chairman added that one of the key features of UPMOUNT is its loft-style units, drawing inspiration from the high-ceiling architecture historically found in areas such as Zamalek, Downtown Cairo, and Garden City.

He noted, “The company adopted ceiling heights of up to 6 meters in some units, creating a double-height space in the reception areas, complemented by panoramic glass façades that allow natural light and fresh air to enter the units. Additionally, the project offers units ranging from 84 sqm to around 230 sqm. The loft design provides a different feel from conventional units while making more efficient use of available space.”

The Chairman of Empire State Developments said that the company aims to achieve a **“value-for-money”** proposition by leveraging its technical expertise in selecting materials and optimizing space, rather than necessarily relying on the most expensive materials to deliver a high-quality product.

Regarding the challenges facing the real estate sector, Mohsen said that the Egyptian market is going through an exceptional phase as a result of the significant urban expansion Egypt has witnessed in recent years.

He estimated that the country’s built-up area has increased from around 5% of Egypt’s total area to approximately 14%, adding that this expansion has led to the emergence of numerous new cities, developments, and real estate companies, creating both opportunities and challenges for companies operating in the sector.