IRHM, Your Global Window into Real Estate and Hospitality

August 19, 2026

Urban Development

Penta Real Estate has acquired a 50% stake in HoldCo Bubny s.r.o. to lead the transformation of Prague’s Bubny-Zátory site. Partnering with AKIPIA and J&T, the firm will oversee a CZK 90 billion urban development project across 250,000 square metres. Running until 2050, the master plan includes 10,000 homes, office space, schools and public amenities, marking the largest project in Penta’s history.
New planning rules introduced across England will fast-track thousands of homes near train, tram and underground stations. Under the revised National Planning Policy Framework, applications for housing within walking distance of transport hubs will face a default approval stance alongside minimum density requirements. The reforms form part of wider UK planning changes intended to support local development, cut administrative delays and progress toward national housing targets.
Sun Group has officially launched a 40 trillion VND development in Phu Quoc, creating nearly 50,000 social and rental housing units built to Singapore standards. Located in the An Thoi urban area, the 55-hectare complex supports Vietnam's national housing goals and infrastructure expansion ahead of the APEC 2027 summit.
Oman and Türkiye have signed a memorandum of understanding to cooperate on housing and urban planning initiatives following a bilateral summit in Ankara. Omani Housing Minister H.E. Dr. Khalfan bin Said Al Shueili met with Turkish Minister H.E. Murat Kurum to establish a development framework. The partnership will focus on smart cities, sustainable design and real estate finance.
The Egyptian Kuwaiti Real Estate Development Company and Hassan Allam Holding subsidiary Grova West have partnered to build a mixed-use project in West Cairo. Spanning 295 acres in Sheikh Zayed City, the venture represents an investment expected to exceed EGP 250 billion. The development will feature a blend of residential apartments, villas, commercial spaces and medical facilities managed entirely by Grova West.
The Public Investment Fund of Saudi Arabia has signed a non-binding agreement with Talaat Moustafa Group Saudi for Real Estate Development. The partnership intends to explore mixed-use property opportunities across the asset portfolio of the wealth fund. This initiative directly supports the newly launched urban development and livability ecosystem within the strategic 2026-2030 roadmap of the sovereign fund.

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