Altameer Arabian plans to complete 25% of the construction works of Rivan compound in the New Administrative Capital this year.
Altameer Arabian CEO Marzouk Mansour said Rivan is the first serviced apartment project in the New Capital and also the company’s debut in the Egyptian market.
With EGP 3bn investments and total area of 71,000 sqm, Rivan will feature 700 fully finished serviced apartments with various spaces ranging from 90 to 500 sqm.
Mansour said the company began marketing the project after obtaining the housing ministry’s approval of the project. The company eyes EGP 3.5bn sales in the project.
The cost per square metre in Rivan is EGP 14,000. The company offers different payment plans ranging from 8 to 10 years, with 5-10% down payment.
Mansour expected an increase in demand for the project in the coming period.
The company has assigned MM Construction company for the construction of the project. MM is a sister company of Altameer Arabian and was categorised in Class A in the contracting sector in Saudi Arabia.
Rivan will be completed within 3.5 years, Mansour noted, elaborating that the company aims to benefit from its relations in Arab markets to market about 25% of the project abroad in line with Egypt’s plan to export real estate products in the coming period.
He pointed out that the company is marketing the project over four phases and it plans to market between 40-50% of the project in the current year, after achieving great sales in the first two weeks of the project’s launch, as 40 units were sold.
“The company expects to complete the first marketing phase (145 units) before the end of the first quarter (1Q) of the year,” Mansour said.
As for the commercial part of Rivan New Capital, it spans over 16,000 sqm and constitutes 20% of the whole project’s investments and serves,” he added. “It is planned to begin marketing the commercial area by mid-year. It is located in front of the first mega mall in the New Capital. We aim to achieve about EGP 600m sales.”
After completion of the project, the company will assign a hotel management company for managing the project to ensure outstanding services and to preserve the project’s investment value, according to Mansour.
Noteworthy, a tender was held to choose the project’s engineering consulting office.
Salem As-Sudais, Saudi board member and partner in the Altameer Arabian, said the company has more than 25 years of experience in the Saudi market. During that period, the company was able to achieve strong successes in contracting, construction, and real estate investment sector. Altameer decided to expand in Egypt for its distinguished economic, political, and security situation which encourages any investor to have business here.
As-Sudais stressed that Egypt’s implementation of 14 new cities simultaneously reflects a strong vision for comprehensive development and economic renaissance that stimulate local and foreign investments.
He pointed out that the company has various investments in the Egyptian market.
The company has an agricultural land of 1,000 feddan in the oasis region where Altameer plants palm trees. The company will start exporting dates from these farms before the end of the year.
In addition, the company has two factories in Sadat City, and has plans to expand in Egypt in the coming period.
As-Sudais revealed the company’s strategy to expand in Egypt in the next three years as the company intends to direct about EGP 5bn investments in various economic sectors in Egypt.
Moreover, the company plans to implement its second residential project in Ain Sokhna, he said, adding that there are current negotiations to buy 102-feddan lands in Ain Sokhna and North Coast, as the company seeks to diversify its investment portfolio.