Center of Earth has signed final purchase contracts with ARQA Development Group for residential units with a total saleable area of 5,000 square metres at the Ritz development in Sheikh Zayed, west of Cairo.
The company plans to resell the units under a shared-ownership model and prepare them for hospitality use, with Sky Homes appointed to manage and operate the units.
Center of Earth to Market Units Under Malaz Brand
The agreement covers a mix of apartments, villas and studios. Center of Earth plans to complete the finishing works and prepare the units for hospitality use before offering them to investors through a shared-ownership model.
The companies signed the final contracts during a press conference at ARQA’s headquarters in 6th of October City. Dr Osama Abdullah, General Manager and Co-Founder of ARQA Development Group, signed on behalf of the developer. Eng Omar Ramadan, identified in the announcement as Co-Founder of Center of Earth, signed for the acquiring company.
Under the agreement, ARQA, as the owner of the development and its land, will approve and document the contracts associated with the units.
Center of Earth intends to market the units under the Malaz brand. The model divides ownership into shares, potentially allowing investors to participate without purchasing an entire residential unit. The announcement did not disclose the share prices, minimum investment, or projected returns.
The company has also contracted Sky Homes to manage and operate the 5,000 sqm portfolio as part of its planned hospitality offering.
ARQA Outlines Progress Across Its Development Portfolio
Dr Osama Abdullah said the agreement reflects ARQA’s approach to partnerships with companies developing new real estate investment models. He added that the collaboration responds to changing customer and investor requirements in Egypt’s property market.
Ritz covers approximately 15 feddans, according to the announcement. ARQA said it continues to pursue a sales strategy that offers different ownership and usage models to customers.
Meanwhile, Ahmed Ziyada, Commercial Sector Head at ARQA Development Group, outlined updates on several projects in the company’s portfolio.
iBusiness Park in the New Administrative Capital
ARQA said it had completed the construction works at iBusiness Park in the New Administrative Capital. The company is preparing to release a final, limited phase of the development.
According to Ziyada, the newly offered units are expected to be delivered within approximately 18 to 24 months.
ANNEX 26 in 6th of October City
ARQA is also preparing new offers for ANNEX 26 in 6th of October City as construction advances.
The project is scheduled for delivery in approximately three years, according to Ziyada. It is located directly on the 26th of July Axis, opposite West Somid District, and covers approximately 14,000 square metres.
ANNEX 26 comprises commercial, administrative and medical units.
Ritz Construction Plans
Ziyada said ARQA was preparing to begin construction of Ritz in the following month, with the work to be overseen by the group’s affiliated contracting company.
Editorial note: The announced construction start requires confirmation because available project information lists an earlier construction start date.
Ziyada added that ARQA’s portfolio spans commercial, administrative, medical and residential developments across East and West Cairo, with expansion into the Red Sea region also planned.
He said the group aims to strengthen its market position by offering products that respond to changing customer and investor requirements across different urban communities.
Center of Earth’s Expansion into Hospitality
Eng Omar Ramadan said the agreement forms part of Center of Earth’s strategy to diversify its real estate portfolio and expand into hospitality-related properties.
He linked the move to the investment opportunities presented by Egypt’s tourism sector and the government’s plans to increase hotel room capacity in anticipation of higher tourist arrivals.
Ramadan said the company has more than 12 years of experience in the residential sector. He also cited its development of Negma Plaza Mall, which includes a hypermarket, restaurants, clinics and other commercial activities.
According to Ramadan, Center of Earth studied locations suited to hospitality operations before selecting West Cairo and Sheikh Zayed. He highlighted their proximity to Sphinx International Airport and the Grand Egyptian Museum.
He added that Ritz was selected for its perceived value relative to its price and the opportunity to work with a developer that owns the project.
This approach allows Center of Earth to pursue its hospitality plans without taking on the risks associated with the development’s initial construction phase.
The contracted portfolio comprises approximately 5,000 square metres of saleable area, equivalent to around 10% of Ritz’s total area, according to Ramadan. The units are due to be handed over in semi-finished condition, after which Center of Earth plans to complete the finishing works and prepare them for hospitality use.
Shared Ownership as an Alternative Investment Model
Under the planned Malaz offering, ownership will be divided into shares. Center of Earth aims to broaden access to real estate investment by allowing customers to acquire a portion of a property rather than purchase an entire unit.
The company expects the model to attract investors with different purchasing capacities while combining property ownership with professionally managed hospitality operations.
The agreement with ARQA marks a planned expansion of Center of Earth’s activities beyond its established residential business. However, the companies have not disclosed the commercial terms of the shared-ownership offering or the operational arrangements governing investors’ use of the units.
