Real Estate – Daily News Egypt https://ww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Tue, 23 Jul 2019 21:08:44 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 IMKAN allocated 166-feddan land plot by Ministry of Housing in New Cairo https://ww.dailynewssegypt.com/2019/07/23/imkan-allocated-166-feddan-land-plot-by-ministry-of-housing-in-new-cairo/ Tue, 23 Jul 2019 21:08:44 +0000 https://www.dailynewsegypt.com/?p=703366 The agreement marks the first instance of implementing the new mechanism set by the Egyptian government for land allocation, which was announced by Minister of Housing Assem El Gazzar and under which land plots are allocated directly to investors as per their orders.

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IMKAN Properties, a subsidiary of the UAE’s Abu Dhabi Capital Group (ADCG), announced it has been allocated a 166-feddan land plot in New Cairo by the ministry of housing, utilities and urban communities, at a total value of EGP 5bn.

The announcement came during a press conference held by IMKAN Properties on Sunday evening, in the presence of a number of the company’s top executives, where it unveiled more details about the agreement signed with the ministry of housing.

The agreement marks the first instance of implementing the new mechanism set by the Egyptian government for land allocation, which was announced by Minister of Housing Assem El Gazzar and under which land plots are allocated directly to investors as per their orders.

The agreement is also the shortest in terms of time it took to be finalised, as it only took five days, which showcase the Egyptian government’s keenness on boosting foreign investments in the country’s real estate market that has recently witnessed increased activity.

During the press conference, IMKAN Properties announced Ahmed Fathallah as the president of IMKAN Misr and Capital Group Properties.

Ahmed Fathallah, president of IMKAN Misr and Capital Group Properties said, “Egypt is one of the markets in which ADCG is seeking to have more footprint by means of investment in the country’s real estate sector.”

Fathallah added that ADCG prefers the Egyptian market and is planning to inject more investments into it under new expansion plans. This reflects Egypt’s robust and attractive real estate market and also highlights the facilitations and support the government has been providing investors with, coupled with the legislative reforms that target improving the investment climate, such as the New Investment Law and the Consumer Protection Law.

“The selection of the new land area in New Cairo and the transfer of the advance payment, which amounts to EGP 400m, took only five days. This marks the efficient approach adopted by the ministry of housing in rapid acting and decision-making, as well as its efforts in removing obstacles that hinder investors. We will immediately begin to lay down the detailed plan for the land development in order to launch a project that shall constitute a leap in Egypt’s housing landscape,” he added.

IMKAN’s parent group, ADCG, has operations in seven countries worldwide. Since 2016, the group has been also implementing its Alburouj development in east Cairo, through its subsidiary Capital Group Properties, with remarkable total sales of EGP 6.1bn to this date,  in addition to EGP 6bn worth of investments over two years, 1,500 housing units and 100,00 sqm of administrative offices under construction. Handover of the project’s units is scheduled to begin over the coming period.

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DarHub contracts with valU to finance real estate units finishing https://ww.dailynewssegypt.com/2019/07/22/darhub-contracts-with-valu-to-finance-real-estate-units-finishing/ Mon, 22 Jul 2019 20:01:45 +0000 https://www.dailynewsegypt.com/?p=703262 Maximum fund for every unit EGP 2.5m, instalments over 5 years

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DarHub, a specialist in finishing, decoration, and contracting, has contracted with valU, the financial services provider and affiliated to EFG Hermes, to finance customers wishing to finish their semi-finishing residential units with funds up to EGP 2.5m.

Founder and CEO of DarHub, Malek Azzam, said the contract mainly aims to finance half-finished property owners who wish to finish their units with a value of up to EGP 2.5m per unit with a payment plan over 5 years.

Azzam noted that DarHub aims to conduct deals between contractors and customers worth EGP 10m by the end of 2019 through the application “Application” that have been launched by the company during the current year.

Furthermore, Azzam explained that his company sets standards and requirements in selecting specialised finishing companies according to the region and quality of business, along with a number of requirements for seriousness and commitment.

He pointed out that the company started its operations in greater Cairo and plans to expand in other governorates, and the number of companies that his company operates with reached 2,000 contracting companies to cover the currently targeted locations.

Additionally, he highlighted that the application has received interest by contracting companies working in the finishing and decoration sector, elaborating that the company’s new application aims to provide finishing services and contracting for semi-finished residential units and provide unit owners with the best contracting and finishing offers provided by companies.

The company plans to expand in new cities through finishing units in new compounds and provinces, he disclosed.

Azzam said that there are 12m unfinished housing units in the real estate market distributed over provinces and new cities. Moreover, greater Cairo includes about 1.5m half-finished units annually, which requires the provision of new mechanisms to contribute to the development of new solutions and services commensurate with financial solvency of owners of these units.

Azzam stressed that the introduction of technology into the real estate sector has contributed to finding quick solutions to problems that have been challenging, adding, “With the growing use of technology, customers have several opportunities to choose between market supply.”

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Arabia Holding signs agreement with Roland Garros to be located within Sun Capital project https://ww.dailynewssegypt.com/2019/07/22/arabia-holding-signs-agreement-with-roland-garros-to-be-located-within-sun-capital-project/ Mon, 22 Jul 2019 19:47:54 +0000 https://www.dailynewsegypt.com/?p=703259 The launch of Roland Garros is part of the Sun Capital project in front of the pyramids of Giza as a result of the country's climate which helps to attract foreign investment. This has made Egypt a fertile ground for the world's most prestigious sports brand.

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Prime Minister, Mostafa Madbouly, witnessed the signing of the participation contract for the establishment of Roland Garros Egypt as an integrated sports body for tennis within the Sun Capital development project which overlooks the pyramids of Giza in the Sixth October.

Chairperson of Arabia Holding, Tarek Shoukry, representing Sun Capital, and Nicholas Doris, CEO of East Med Egypt, representing Roland Garros Egypt, signed the agreement.

The launch of Roland Garros is part of the Sun Capital project in front of the pyramids of Giza as a result of the country’s climate which helps to attract foreign investment. This has made Egypt a fertile ground for the world’s most prestigious sports brand.

Arabia is the first company in the Middle East and Africa to be the first French project of Roland Garros brand in Egypt with an estimated investment of EGP 2bn.

Shoukry said that Roland Garros Egypt is the embodiment of the successful partnership between the state and the private sector. It contributes to attracting hard currency and creating thousands of jobs.

The Sun Capital project comprises of a tennis academy; a major tennis court; 24 secondary courts; a sports complex; an international sports school; a health club; a medical centre; a hotel; a media centre; a sport, and social centre.

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Al Sedek Real Estate intends not to increase projects’ prices https://ww.dailynewssegypt.com/2019/07/22/al-sedek-real-estate-intends-not-to-increase-projects-prices/ Mon, 22 Jul 2019 19:41:08 +0000 https://www.dailynewsegypt.com/?p=703255 Company invests EGP 600m in real estate sector

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Chairperson of Al Sedek Real Estate, Ahmed Abou Seada, said that the company is continuing to implement its projects without any price increases.

Abou Seada added that despite the hike in fuel production prices, the prices of its units will not increase.

He stressed that Al Sedek aims to increase its presence in foreign markets through exporting property and attracting hard currency.

The company is always working to develop its performance standards in line with developments in the real estate industry in the world.

Furthermore, Abou Seada explained that the company has expanded its projects in many areas, such as the Fifth Settlement, New Cairo, Nasr City, and the Sixth of October City. Moreover, it plans to invest in New Administrative Capital.

For his part, Mohammed Hassan Radwan, managing director of Al Sedek, said that the company will participate in the Al-Ahram Real Estate Exhibition (AQARI) scheduled for 25 July, with the attendance of distinguished leading real estate companies.

Radwan added that the company plans to pump more investments for the next few years, pointing out that investment in the property is a safe haven for many Egyptian, Arab, and Gulf families.

Moreover, Radwan noted that government projects have led to more support for real estate investments, especially as these projects paved the way for attracting many real estate investments.

“The Egyptian government, represented by ministries of housing, investment and other ministries, are exerting strenuous efforts to support investment operations in Egypt and attract local and foreign projects,” Radwan said.

The company operates in several areas, including Maadi, Heliopolis, Moqattam, the Sixth of October City and has been operating in the Egyptian market for 11 years with investments exceeding EGP 600m.

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Mountain View establishes solar energy plant in Mountain View North Coast https://ww.dailynewssegypt.com/2019/07/22/mountain-view-establishes-solar-energy-plant-in-mountain-view-north-coast/ Mon, 22 Jul 2019 19:10:27 +0000 https://www.dailynewsegypt.com/?p=703252 Soliman said in press statement on Wednesday that the project is located on an area of about 6,700 sqm in the service area in the compound.

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Mountain View signed a partnership agreement with SolarizEgypt to establish the first solar power plant in Mountain View, the North Coast, to provide electricity to cover the needs of the project’s residences. Mountain View is to operate a renewable energy system on Monday, July 1, 2019.

The project works as a system for the production of solar energy and converting it to electric energy to produce about 800kW, to supply about 30% of residents’ electricity needs throughout the year, according to Amr Soliman, owner and chairperson of Mountain View.

Soliman said in press statement on Wednesday that the project is located on an area of about 6,700 sqm in the service area in the compound.

Egypt’s location enjoys the best solar brightness, and it has an abundance of solar energy giving the country great opportunities for expansion in the field of solar technology and its applications.

Soliman explained that Egypt’s vision for the energy sector is based on recent studies that confirm the great potentials for solar energy. He pointed out that despite the high costs of setting up these stations, Mountain View insists on emulating the state’s direction in this regard.

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ACUD allocates lands to 12 companies in R8 in New Administrative Capital https://ww.dailynewssegypt.com/2019/07/22/acud-allocates-lands-to-12-companies-in-r8-in-new-administrative-capital/ Mon, 22 Jul 2019 19:03:35 +0000 https://www.dailynewsegypt.com/?p=703249 Company launches competition to choose name, logo for NAC

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The Administrative Capital for Urban Development (ACUD) company announced the allocation of about 263 feddan in residential area (R8) for 12 companies and associations including six companies and five associations, according to ACUD’s statement.

The ACUD published a list of the names of the companies that obtained plots of land, namely the faculty members’ club at Ain Shams University, which received plot of land on an area of 18,14 feddan, and Aqar Masr for Real Estate Development on an area of feddan acres, and La Verde Egypt obtained plot of land on an area of 33,4 feddan.

Cornerstone Real Estate Development company acquired a plot of land on 10,87 feddan and Dream Housing Society acquired a plot of land on an area of 35,5 feddan.

In other context, the ACUD announced in a press release on Wednesday the launch of a competition to select a name and a logo for the New Administrative Capital (NAC).

Participation in the competition should be done through the official website of the NAC (www.acud.eg) and the necessary data in the competition section should be filled in, according to Khaled El Hosseini, the ACUD’s spokesperson.

El Hosseini said, “The terms of choosing a name and logo must take into account many considerations including expressing the Egyptian personality/uniqueness, originality, simplicity, lack of complexity (not more than two words – easy pronunciation), clarity of meaning and no ambiguity, and not expressing political party or religious orientation and many other determinants mentioned on the website.”

Furthermore, he added that prizes will be awarded with a total amount of EGP 250,000, the value of the first award is worth EGP 75,000, while, second award reaches EGP 50,000 and the third amounted to EGP 25,000. In addition, there are a number of 10 promotion awards each worth EGP 10,000. The competition will be open for applications during the period from 18 July to 17 August 2019.

A jury of specialists will be formed to evaluate the submitted proposals and to determine the best of all submitted proposals, he noted.

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Living Yards obtains ministerial approval for The Loft development https://ww.dailynewssegypt.com/2019/07/18/living-yards-obtains-ministerial-approval-for-the-loft-development/ Thu, 18 Jul 2019 07:20:38 +0000 https://www.dailynewsegypt.com/?p=703053 Project’s investments reach EGP 2.5bn, says commercial sector head

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Living Yards Developments has obtained the ministerial approval for the development of The Loft project in the New Administrative Capital (NAC).

The company said the project spans over 23 feddan in NAC with investments of approximately EGP 2.5bn.

Additionally, more than 50% of the project’s second phase’s residential, commercial, administrative, were sold, the company added.

Hashem El Kadi, chief commercial officer at the company, said that the second phase’s investments reached EGP 1.2bn.

Living Yards is currently preparing to start construction works in accordance with the recently approved engineering designs, he noted.

Regarding the Loft Capital Center, El Kady elaborated that the project has a prime location in the heart of the NAC, between the diplomatic district and expo area, with unit’s sizes ranging from 42 to 350 sqm, while providing the project units with competitive prices to serve The Loft project’s residences.

As the company provides a variety of unit spaces in The Loft residential project, it ranges between 89 to 386 sqm and customers are free to divide their space as they wish, with 0% down payment and a payment plan of 10 years.

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Secon launches Bleu Vert with EGP 10bn investments https://ww.dailynewssegypt.com/2019/07/16/secon-launches-bleu-vert-with-egp-10bn-investments/ Tue, 16 Jul 2019 18:14:13 +0000 https://www.dailynewsegypt.com/?p=702862 Project is residential compound comprised of 2,000 residential units, says sales head

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The Saudi Egyptian Construction Company (SECON) announced opening the door for reservations in its new Bleu Vert compound in the New Administrative Capital (NAC) last Wednesday, established with a total investments of EGP 10bn.

The company, one of real estate development companies jointly owned by Saudi and Egyptian governments, said that the project spans over 70 feddan in one of the most distinctive areas of the NAC.

Mohamed Abdel Hafez, head of sales at Secon, said that Bleu Vert is a luxury residential compound comprised of 2,000 residential units including apartments, twin houses, town houses, villas, and duplexes of various spaces.

Abdel Hafez added that the project also offers all different commercial and recreational services to meet the customers’ needs.

Mohamed El-Taher, CEO of the company, said that Secon obtained the plot of land in the first offering and was one of the first companies to apply for a distinctive piece of land in the New Capital.

The company believes in the feasibility of investing in the New Capital as a megaproject and the necessity of having the company in the most attractive areas as part of its expansion strategy in the Egyptian market, El-Taher noted.

He elaborated that the company has current investments in New Cairo with an integrated residential project on an area of ​​68 feddan, in addition to the company’s investments in its project in Upper Egypt in New Assiut City of on an area of ​​13.5 feddan. That is in addition to the company’s investments in north Egypt in a residential project on 17.7 feddan in New Damietta overlooking the Mediterranean Sea.

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OUD targets EGP 300m sales at its first summer exhibition in 2019 https://ww.dailynewssegypt.com/2019/07/16/oud-targets-egp-300m-sales-at-its-first-summer-exhibition-in-2019/ Tue, 16 Jul 2019 17:59:27 +0000 https://www.dailynewsegypt.com/?p=702858 Elzayat explained that the company is offering a variety of projects in the exhibitions and is participating with the largest real estate portfolio that combines various residential, coastal, hotel, and industrial projects in various parts in Egypt.

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Orientals for Urban Development (OUD) targets achieving EGP 300m in sales at their first summer real estate exhibition in 2019, which is due to start in July.

“The company is preparing to participate in a number of local and foreign exhibitions in Kuwait and Dubai during the summer season,” said Shady Elzayat, sales director at OUD, adding that the company is preparing special and competitive offers for the exhibitions it participates in to suit all customers.

Elzayat explained that the company is offering a variety of projects in the exhibitions and is participating with the largest real estate portfolio that combines various residential, coastal, hotel, and industrial projects in various parts in Egypt.

He stressed that the company adopted a new selling and marketing plan during the current year, which started with television advertisements during Ramadan and will vary in summer to include several channels, namely real estate exhibitions. The company also increased its sales branches and opened branches in Giza and New Cairo.

OUD is a joint-stock company affiliated to Oriental Weavers Group. Established in 1994 to capitalise on the real estate boom in Egypt, the company has since bloomed into one of Egypt’s largest real estate and urban development companies with investments in excess of $3.1bn.

The company is currently developing the J’noub project in the New Administrative Capital, Oriental Coast in Marsa Alam, Azadir in New Cairo, OIC industrial project in Ain Sokhna, and other projects in New Cairo, Obour, and Kattameya.

 

  

 

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ARDIC launches new phase of Zizinia El Mostakbal with EGP 1bn investments https://ww.dailynewssegypt.com/2019/07/16/ardic-launches-new-phase-of-zizinia-el-mostakbal-with-egp-1bn-investments/ Tue, 16 Jul 2019 16:53:40 +0000 https://www.dailynewsegypt.com/?p=702855 Compound to be the first delivered project in Mostakbal City by 2020

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ARDIC for Real Estate Development and Investment launched a new phase of the Zizinia El Mostakbal compound in Mostakbal City in New Cairo in a ceremony held a few days ago in the presence of several marketing companies in the real estate sector.

The new phase includes 300 units of various spaces ranging from 160 to 260 sqm with total investments of about EGP 1bn, located in a distinguished area in the project, the Commercial Sector Manager at ARDIC, Mohamed Fathy, stated in a press statement last Wednesday.

Fathy explained that the new phase has been offered with multiple payment systems to suit a large segment of customers starting with a 5% down payment and a payment plan of 10 years, revealing that the company has received many reservation requests during the ceremony, with expectations to complete the phase’s sale within the coming days.

He pointed out that the company plans to deliver the project in 2020 to be the first delivered compound in Mostakbal City.

The Zizinia El Mostakbal project is located on an area of 70 feddan in Mostakbal City. It includes 1,800 residential units with a 20% built-up area and the rest is allocated for landscape, along with several services including a commercial mall, a medical centre, artificial lakes, a social club, and a mosque.

 

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ACUD completes 60% of New Capital’s infrastructure https://ww.dailynewssegypt.com/2019/07/16/acud-completes-60-of-new-capitals-infrastructure/ Tue, 16 Jul 2019 16:45:05 +0000 https://www.dailynewsegypt.com/?p=702853 Company has to complete 25% of its project within a year since obtaining ministerial approvals, says ACUD Chairperson

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The Administrative Capital for Urban Development (ACUD) has completed 60% of the first phase of the New Administrative Capital’s (NAC) infrastructure which spans over 40,000 feddan, Chairperson of the ACUD, Ahmed Zaki Abdeen, told Daily News Egypt.

A total of 17,000 feddan were sold for EGP 272bn to be paid in instalments over four years, he added.

Abdeen revealed there are many offers from foreign and Egyptian companies to obtain large plots of land, although the New Capital has doubled the price of land compared to the first land offering in 2016-2017.

Abdeen said the NUCA is studying entering in partnerships with developers to establish new projects in the New Capital, but the company will not apply this system in allocating lands of the first phase of the project.

“Many large companies showed their interest to have partnerships with the ACUD in developing projects in the New Capital similar to Mostakbal City’s projects, but we are still studying this new mechanism and its financial feasibility,” Abdeen said.

“There are many companies that have obtained ministerial approvals for developing their projects, and those who obtained building license and did not begin construction works were warned by the ACUD,” he noted.

Once the ministerial approvals are obtained, the company has to complete 25% of its project within a year, he disclosed.

Additionally, in the event that companies procrastinate in submitting their papers for obtaining ministerial approvals, the ACUD sends them memos to apply for them, and if there was no response from the companies, then ACUD has the right to withdraw the allocated land.

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The Address Investments targets EGP 3.2bn sales by year-end https://ww.dailynewssegypt.com/2019/07/16/the-address-investments-targets-egp-3-2bn-sales-by-year-end/ Tue, 16 Jul 2019 16:40:23 +0000 https://www.dailynewsegypt.com/?p=702850 Company to launch 2 new branches in Saudi Arabia, UAE in H1 2020, says CEO

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The Address Investments has achieved EGP 1.5bn in sales for developers in different new cities during the first half (H1) of 2019, compared to EGP 1.4bn in H1 of 2018, the company’s CEO, Amr Badr, told Daily News Egypt.

He added that the company targets EGP 1.7bn sales in H2 of the year, in order to reach a total of EGP 3.2bn.

“The Address’s market share is among the best 10 marketing companies and one of top three companies in terms of sales for developers, according to a recent survey,” the company’s CEO noted.

Additionally, Badr highlighted that the company plans to open two new branches outside Egypt in Saudi Arabia and the UAE in H1 of 2020 to promote and encourage Egyptian property export.

Customers prefer small apartments consisting of three bedrooms with areas of 130-140 sqm, and also villas with areas of 200 sqm, he explained.

Property prices are hiking in the New Administrative Capital (NAC) since its launch; they increased by about 5% only in H1 of this year, Badr revealed.

He elaborated that sales experienced a slight slowdown in H1 of the year, but he expected a recovery in H2.

Badr added that the launch of new urban communities contributed to the provision of diversified investment opportunities for developers, and led to an increase in the volume of projects offered in the market last year. Additionally, the strength of demand is still the most important contributor to the continued activity of the real estate market.

He pointed out that the NAC topped the scene during the past year in terms of demand, where the New Capital projects accounted for about 25% of the company’s sales in 2018, however, currently 70% of the company’s sales are in New Cairo’s projects.

Commenting on price hikes in the real estate sector after increasing fuel prices, he predicted that a maximum 5% increase may occur in the sector due to strong competition between developers.

“The company is marketing over 100 projects of 35 real estate developers located in different residential areas, namely New Capital, New Cairo, Mostakbal City, and North Coast,” he said.

Badr pointed out that West Cairo will witness a strong demand in the coming period due to the implementation of several megaprojects in the district by many developers in cooperation with the New Urban Communities Authority in line with the state plan to turn it into a tourist capital for Egypt.

He also stressed the importance of the efforts exerted by the state to support the real estate sector, create a favourable legislative environment for foreign investment, solve obstacles hindering developers, establish a legal entity responsible for the real estate investment sector, and achieve a balanced relationship between the three parties of the real estate system.

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Pyramids Developments starts construction of EGP 2bn Paris Mall in NAC https://ww.dailynewssegypt.com/2019/07/11/pyramids-developments-starts-construction-of-egp-2bn-paris-mall-in-nac/ Thu, 11 Jul 2019 14:07:39 +0000 https://www.dailynewsegypt.com/?p=702460 The company also has three other shopping centres in the NAC, including La Capitale, Champ Elysees, and Grand Square malls.

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Pyramids Developments has begun implementing the construction works in its commercial mall, Paris, in the New Administrative Capital (NAC) on Wednesday.

The company also has three other shopping centres in the NAC, including La Capitale, Champ Elysees, and Grand Square malls.

The new mall will be built on an area of over 23 sqkm, Hisham El Kholy, chairperson of Pyramids Developments, said during an inspection tour for journalists on Wednesday.

El Kholy added that the Paris Mall investments are worth EGP 2bn, noting that Pyramids is specialised in the establishment and management of commercial malls and residential compounds in the NAC.

The mall comprises of commercial, administrative, and clinic units with 0% down-payment and instalments over 15 years.

Moreover, the company announced its plan to launch a new project in New Alamein in the second half (H2) of 2019.

He further revealed that the company also plans to establish a serviced apartments project in the Fifth Settlement, New Cairo, as well as an international school in the NAC.

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ACUD profits y-o-y EGP 2bn: Abdeen https://ww.dailynewssegypt.com/2019/07/10/acud-profits-y-o-y-egp-2bn-abdeen/ Wed, 10 Jul 2019 20:14:14 +0000 https://www.dailynewsegypt.com/?p=702399 ACUD denies negotiations with banks to obtain loan worth EGP 2bn, says Chairperson

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The profits of the Administrative Capital for Urban Development (ACUD) company amounted to about EGP 2bn year-over-year (y-o-y) compared to last year, apart from the company’s revenues, according to head of the ACUD, Ahmed Zaki Abdeen.

Abdeen told Daily News Egypt that the company excluded the initial public offering (IPO) on the Egyptian Exchange currently and excluded debts from banks, stressing the company’s strong financial position. Hence, he denied any negotiations with banks to obtain a loan worth EGP 2bn.

Furthermore, the ACUD is currently negotiating with a number of investors to decide on their offers regarding the purchase of new land plots or projects that are serious, have economic feasibility, and represent an addition to the New Administrative Capital (NAC), Abdeen said. This is especially because the capital does not need to launch new offerings in the current period.

The head of the ACUD revealed that the ACUD sells a feddan at a cost of EGP 16m, adding that the prices of lands in the New Capital will hike in the next period after the government district starts working, the transfer of the presidency and parliament, as well as running the monorail and the electric train.

He noted that the NAC is a promising project and that construction works by the government and developers are in full swing.

The profits of the lands’ sale are being spent on infrastructure, Abdeen pointed out, noting that the cost of connecting infrastructure for each square metre is worth EGP 1,700.

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ACUD receives Tanzanian Prime Minister https://ww.dailynewssegypt.com/2019/07/10/acud-receives-tanzanian-prime-minister/ Wed, 10 Jul 2019 07:40:57 +0000 https://www.dailynewsegypt.com/?p=702346 The visit also included reviewing the experience of establishing the Capital and the huge investment opportunities in the city.

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The Administrative Capital for Urban Development (ACUD) received on Monday Tanzanian Prime Minister, Kassim Majaliwa, and the minister of agriculture, in an attempt to benefit from the Egyptian experience in architecture and building new cities, such as New Administrative Capital.

The visit also included reviewing the experience of establishing the Capital and the huge investment opportunities in the city.

Chairperson of the ACUD, Ahmed Zaki Abdeen, said in a press statement that the Tanzanian delegation desired to learn the Egyptian experience in establishing a New Administrative Capital to take advantage of in the new capital that Tanzania is going to build.

“The Tanzanian delegation expressed great admiration for the project and the Tanzanian Prime Minister was impressed with the completion rates of the project as well as the planning and infrastructure of our new capital,” Abdeen elaborated.

Following the meeting, the delegation went to visit the Administrative Capital project to see the buildings and the completion rates of the project. The delegation also visited the cathedral and Al Fattah AlAleem Mosque.

For his part, Majaliwa said that his country is building a new capital called “Dodoma” instead of Dar El Salaam, the old capital. This is the main reason for his visit to the Administrative Capital.



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Egypt builds 326,300 residential units with EGP 106.9bn investments in FY 2017/18 https://ww.dailynewssegypt.com/2019/07/08/egypt-builds-326300-residential-units-with-egp-106-9bn-investments-in-fy-2017-18/ Mon, 08 Jul 2019 12:47:23 +0000 https://www.dailynewsegypt.com/?p=702126 According to the report, there is a 32.2% increase in the number of housing units implemented by the government, reaching 105,100 units in FY 2017/18, compared to 100,500 units in FY 2016/17.

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Egypt has witnessed the establishment of 326,300 residential units in the fiscal year (FY) 2017/18 with total investments of EGP 106.9bn, compared to 317,200 units with EGP 91.8bn worth investments in FY 2016/17, marking 2.9% and 16.4% increases in the number of units and investments, respectively, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) report on Thursday.

The CAPMAS revealed that economic housing had the lion’s share in FY 2017/18 with 169,800 units, representing 52% of total units, followed by middle-income housing with 118,500 units (36.3%), then above middle-income housing with 31,000 units (9.5%), and luxury housing with 7,000 units (2.1%).

According to the report, there is a 32.2% increase in the number of housing units implemented by the government, reaching 105,100 units in FY 2017/18, compared to 100,500 units in FY 2016/17.

Economic housing accounted for the largest share of residential units implemented by the public sector, recording 89,400 units, representing 85.1%, while its contribution to the middle-income housing reached 15,000 units (14.3%), besides 508 above middle-income units (0.5%), and 142 low-income units (0.1%) of total units.

The CAPMAS pointed out that 221,200 units were established by the private sector in FY 2017/18, representing 67.8% of the total units, compared to 216,600 units in FY 2016/17, an increase of 2.1%. Middle-income housing accounted for the largest share of residential units implemented by the private sector, with 103,400 units (46.8%), followed by economic housing with 80,400 units (36.3%), then above middle-income housing with 30,400 units (13.8%), and luxury housing with 7,000 units (3.1%).

As for social housing, “1 million units project”, the project noted that 82,100 units of the project were implemented in FY 2017/18.

The number of units implemented in the Dar Misr project, a governmental middle-income housing, were about 13,000 units in FY 2017/18. Meanwhile, the number of units implemented in the Sakan Misr, also a governmental middle-income housing, recorded 51,500 units.

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RFCO increases prices of NAC’s IL Mondo units by 30% https://ww.dailynewssegypt.com/2019/07/08/rfco-increases-prices-of-nacs-il-mondo-units-by-30/ Mon, 08 Jul 2019 12:41:31 +0000 https://www.dailynewsegypt.com/?p=702120 Company first offered the units for EGP 10,850 per sqm

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RFCO for Construction and Development has announced a 30% increase in the prices of residential units in IL Mondo compound in the New Administrative Capital (NAC) and sent an official letter to all real estate marketers with whom the company deals to apply the new prices starting from 9 July.

The company started offering IL Mondo units at the beginning of the year for EGP 10,850 per sqm. After the new price hike, the units will cost EGP 14,000 per sqm.

Chairperson of RFCO, Ramy Fares, revealed that the project’s investments amounted to EGP 1.6bn, noting that IL Mondo is a self-financed project so far, with expected sales of EGP 2bn.

Fares said the project is built on an area of 97,000 sqm, and has 960 units with different spaces of 85-250 sqm.

The company has already obtained the ministerial approval for the project, he shared.

“About 18% of the project’s area was allocated for buildings and the rest will be green spaces and gardens,” Fares added.

He pointed out that the NAC is a good opportunity for investing in the real estate sector, revealing that the company considers developing more projects in Ain Sokhna or North Coast.

   

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Club Villa’s 1st phase sold out within 5 hours: Mountain View https://ww.dailynewssegypt.com/2019/07/08/club-villas-1st-phase-sold-out-within-5-hours-mountain-view/ Mon, 08 Jul 2019 12:38:56 +0000 https://www.dailynewsegypt.com/?p=702118 Company preparing to launch Rhodes Island on 50 feddan in Ras El Hikma compound

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Mountain View has completed the sale of the first phase of its latest project in New Cairo, Club Villa, within five hours of its offering.

The Club Villa, located in New Cairo, includes units with different spaces ranging from 140 to 280 sqm. The project was launched in partnership with the ministry of housing, represented by the New Urban Communities Authority.

The Club Villa units overlook the Club Park. It includes full finished units with air conditioning and kitchens, offering a variety of services such as cleaning, valet parking, in addition to being situated on a prime location close to the Club House.

“This great demand on the project is the ‘bridge of trust’ that we built with our customers through all our previous projects,” Founder and Chairperson of Mountain View, Amr Soliman, said.

Soliman explained that the success of Mountain View projects is part of the boom that Egypt’s real estate market is currently witnessing.

He pointed out that the market achieved a growth rate exceeding 33% last year, praising the role of the state and its push towards the construction of new cities in Egypt.

On the other hand, Mountain View is preparing to launch Rhodes Island project on an area of 50 feddan within its Ras El Hikma compound in North Coast.

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Number of 37 companies receive ministerial approval for new projects in NAC https://ww.dailynewssegypt.com/2019/07/08/number-of-37-companies-receive-ministerial-approval-for-new-projects-in-nac/ Mon, 08 Jul 2019 12:33:31 +0000 https://www.dailynewsegypt.com/?p=702090 Sixteen companies appliy for ministerial approval in H1 2019, says spokesperson

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The Administrative Capital for Urban Development (ACUD) said that 37 companies received ministerial approval for their projects in the New Capital since 2018 until now, according to the ACUD’s spokesperson, Khaled El Hosseini.

El Hosseini added that 16 companies have obtained ministerial approval in the first half (H1) of 2019.

Additionally, El Hosseini noted that 21 companies received ministerial approvals for their project development in 2018.

Furthermore, he added that the ACUD has submitted papers of six companies to the New Urban Communities Authority for approval.

El Hosseini elaborated that the ACUD is keen on fostering the procedures of issuing ministerial approvals for companies to begin their project implementation in order to complete and deliver projects within the scheduled time according to their contracts with the ACUD.

The ACUD will not allow developers to offer units from their projects before obtaining ministerial approval. Developers doing so are subject to legal liability, as this is a legal violation.

The ACUD has managed to sell lands for approximately 200 companies in all the offerings at the NAC.

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Egypt’s real estate developers aim to benefit from AFCON to export properties https://ww.dailynewssegypt.com/2019/07/08/egypts-real-estate-developers-aim-to-benefit-from-afcon-to-export-properties/ Mon, 08 Jul 2019 12:00:01 +0000 https://www.dailynewsegypt.com/?p=702082 Egypt has achieved great success in organising the AFCON and dazzled the world by organising the opening ceremony

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Egypt’s real estate developers and marketers see organising the Africa Cup of Nations (AFCON) in the country as a good opportunity to export properties to African countries.

Egypt has achieved great success in organising the AFCON and dazzled the world by organising the opening ceremony. The tournament is also a good opportunity for Africans to closely learn about Egyptian real estate market so marketing companies can benefit from the event.

According to Egypt’s Prime Minister Mostafa Mabdouly, Egypt’s share of real estate export in the Middle East is only $500m, out of $70bn. Madbouly noted that this figure is very low in light of Egypt’s potentials in the real estate sector. “We started to participate actively in international real estate exhibitions, though we need greater presence in the world markets,” he stated.

Prime Minister Madbouly called on real estate companies to work on export their real estate products during the coming period, pointing out that Egypt deserves to be present in the global real estate market.

He stressed his government’s keenness to support the real estate sector, activate cooperation with Arab and African countries, and encourage property export and contracting industry, being an important part of the Egyptian economy.

Reda El Menshawy, sales manager at Diarna Real Estate, said that the AFCON is a very good opportunity to export real estate, however, Egypt needs to organise property exhibitions in African countries with the participation of senior real estate developers.

Additionally, the country should protect foreigners’ rights in owning or renting properties because customers always need to be assured of the investment climate in Egypt, he elaborated.

“However, there are some markets competing with Egypt in attracting Africans to buy properties, such as Morocco, Turkey, and Cyprus. These countries organise exhibitions in Africa regularly,” he pointed out. “Moreover, Egypt’s developers should have real estate agents in Africa, and there should be a real estate representative in each Egyptian embassy in African countries to promote the country’s investment opportunities in the real estate sector.”

He further added that it is also necessary to have real estate property management companies for foreigners to convert their property into an investment project to increase or expand in developing service-apartments as an alternative to real estate management companies.

Furthermore, Ashraf Diaa, managing director of ERA West Associates, noted that the real estate market in a touristic country with the ability of organising sports, cinema, and arts events, exhibitions, and conferences, is always attractive to investors.

Diaa added that new technology helping in marketing properties just like hotels and serviced apartments is changing the way some investors think. For example, owning a property near a university, stadium, or exhibition land is considered an income-producing property as it can be rented for foreigners or locals who are in need for a short stay.

He pointed out, “After this great organisation [AFCON], I would expect more events after proving how safe and welcoming is our country.”

Better Home Group’s General Manager, Ashraf Adel, said that organising the AFCON in Egypt supports the country’s tourism and investment promotion initiatives and confirms its restored political and security stability, which would attract more investments and thus improve the overall economic situation.

Some real estate companies showcased some offers and discounts during the AFCON period, for example, Al Riyadh Misr for Real Estate Development is awarding a free 30-sqm garden for those buying units in its projects in Shorouk City and New Cairo during the AFCON 2019.

“Al Riyadh Misr is celebrating with its customers Egypt’s host of the AFCON 2019 through this special offer, which comes along a LED screen for each unit sold,” said Ahmed Elgarhy, the company’s marketing manager, noting that the offer is extended until the tournament’s end.

Each client buying a studio, with spaces varying from 20 to 30 sqm automatically gets a garden, while ground-floor residents will benefit from the front garden and owners of units at the first/last floor obtain part of the roof, Elgarhy elaborated.

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‘Emaar Misr’ signs settlement agreement with ‘Nasr Housing’ before submission to Cabinet https://ww.dailynewssegypt.com/2019/07/08/emaar-misr-signs-settlement-agreement-with-nasr-housing-before-submission-to-cabinet/ Mon, 08 Jul 2019 07:40:04 +0000 https://www.dailynewsegypt.com/?p=702065 The contract was presented to the ministerial committee for the settlement of investment contracts disputes yesterday, the statement said.

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Emaar Misr Development Company has announced signing a contract with Al Nasr Housing and Development Company at the ministry of justice regarding the land of the Uptown Cairo project.

The company said in a statement to Egyptian Exchange (EGX) that the draft settlement contract includes agreeing to terminate the procedural, technical, and financial points, including Al-Nasr for Housing and Reconstruction withdrawing its original arbitration lawsuit, and Emaar Misr withdrawing the counter lawsuit before the Cairo Regional Centre for International Commercial Arbitration.

The contract was presented to the ministerial committee for the settlement of investment contracts disputes yesterday, the statement said.

Al-Nasr has filed an arbitration suit before the Cairo International Arbitration Centre against Emaar for the termination of their contract for the Uptown Cairo project and demanded a compensation of EGP 1bn.

Nasr Housing has demanded the recovery of 3m sqm of Zahraa Al Moqattam land, located within the range of Uptown Cairo project, due to the company’s inability to commit to developing the land and obtaining fees to change the activity of an area of 500,000 sqm of the project.

In May, Emaar Misr Development said that there were positive negotiations with Al Nasr Housing and Reconstruction to resolve the dispute between the two companies on Uptown Cairo land.

It is noteworthy to explain that Emaar Misr achieved a profit of EGP 418.6m during the three months ending in March, compared to a net profit of EGP 503.2m year-over-year (y-o-y), considering minority interests.

The company’s revenues for the first quarter (Q1) of this year fell to EGP 566.6m compared to EGP 830.7m in Q1 of 2018.

At the level of independent business during that period, the company achieved a profit of EGP 418.6m compared to a profit of EGP 503.2m y-o-y.

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Real estate developers deny withdrawal of their lands in New Capital https://ww.dailynewssegypt.com/2019/07/02/real-estate-developers-deny-withdrawal-of-their-lands-in-new-capital/ Tue, 02 Jul 2019 18:47:39 +0000 https://www.dailynewsegypt.com/?p=701565 In this context, it should be noted that in no case may the land be withdrawn from any of the developers contracting with the ACUD on various activities without obtaining a final judicial decision.

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Several real estate developers denied reports that the Administrative Capital for Urban Development (ACUD) has notified them of withdrawing their allocated lands in the New Administrative Capital (NAC).

Developers are stressing that their companies got ministerial approval for developing their projects and are completing required building licenses to begin construction works, while some of them are waiting for the ministerial approval to start implementation.

One of independent economic newspapers reported on Tuesday morning that the ACUD has notified 17 real estate companies, operating in the NAC, that it would withdraw their lands due to their failure to begin developing these projects. The ACUD also denied the report.

In this context, it should be noted that in no case may the land be withdrawn from any of the developers contracting with the ACUD on various activities without obtaining a final judicial decision.

El-Attal Holding Chairperson Ahmed El Attal said his company has not received any notification from the ACUD to withdraw the land allocated to the company to establish the Park Lane Compoundhood project.

El Attal told Daily News Egypt that his company is close to obtaining the ministerial approval for the new project, noting that his company cannot begin construction before getting the ministerial approval.

He disclosed that the company will take legal action against the newspaper that published the report because it defames the company that has been working in the real estate market for 70 years.

Al Shams Housing and Urbanization Chairperson and Managing Director, Mahmoud Maghoury, noted that the company is waiting for the required building licenses to start implementing its project in NAC. These are the usual legal procedures.

Maghoury pointed out that the company obtained required licenses to build fences around the project and that they will begin its implementation next week. They are waiting for building permits during the coming days.

SAK Developments Chairperson Ahmed Kadry also denied the land withdrawal report, adding that his company did not receive any notification from the ACUD.

Kadry noted that his company has obtained the ministerial approval for the development of its project and is waiting only for building permits, pointing out that his company is operating in accordance with the laws governing the work in the NAC.

He highlighted that SAK is currently carrying out earth works in the project’s site, disclosing that the company met on Tuesday with officials of the ACUD to ask about what was published on Tuesday. Such claims harm the reputation of these companies and investment in the new capital as well.

Moreover, a sales official at Akam Developments said that his company has not been notified of any land withdrawal in the NAC, noting that the company is committed to its contract with the ACUD.

He added that the company is currently preparing an official statement to deny the Tuesday report.

Additionally, he highlighted that the company is close to completing the development of its first project in the NAC.   

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Real estate developers to start collecting instalments through banks over the next five years: Property Finder https://ww.dailynewssegypt.com/2019/06/28/real-estate-developers-to-start-collecting-instalments-through-banks-over-the-next-five-years-property-finder/ Fri, 28 Jun 2019 14:00:16 +0000 https://ww.dailynewssegypt.com/?p=701347 Developers, brokers are to continue focusing on digital platforms to reach largest segment of future buyers

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Banks are expected to enter as an intermediate channel between the developer and the client, which will lead to increased interaction within the real estate investment market, ensuring easy payment process, according to a report press statement released on Thursday, by Property Finder one the leading platform in real estate marketing.

“Since we launched Property Finder platform in Egypt, we have been able to anticipate the future directions of buyers and to share it with our clients and real estate developers to work in line with these trends,” said Mohamed Hammad, Regional Director of PropertyFinder.

He added that the prevalence rate of mobile in Egypt, which exceeds 100%, and the prevalence of the Internet use among citizens which exceeds 50%, supports the trend of providing more services on the platforms. Since housing is one of the main needs of the Egyptian consumer, using the Internet is no longer a luxury but a necessity to ensure access to the largest number of buyers looking for real estate units used for various purposes.

Hammad elaborated, “A few years ago, the real estate developers and brokers were not convinced of the importance of digital platforms in advertising real estate units with various uses. As the developers and brokers’ visions developed according to in line with our expectations, the electronic platforms accounted for 80-90% of the promotional and advertising trends. Meanwhile, the budget assigned to press and road ads, for example, does not exceed 10% of advertising expenses.”

Furthermore, he explained that developers and brokers are expected to continue to focus on electronic platforms and sites such as social networking to reach the largest segment of future buyers. “The backdrop to current development, we expect banks to enter as an intermediate channel between the developer and the client, which will lead to increased interaction within the real estate investment market, after enhancing customers’ reassurance when depositing their instalments in the bank, which ensures easy payment process.”Hammad stressed in a press release issued by the company.

The index showed that the market during the first and second quarters was experiencing a weakness in the rates of interest in the property in general, while this month it began to restore the momentum of the demand for real estate units, especially residential, in conjunction with the holiday season, therefore the North coast was one of the most important search destinations. On the other hand, New Cairo, 6th of October, Sheikh Zayed, Nasr City, 5th Settlement, Maadi, Heliopolis, Haram, El Shorouq and Obour are among the most visited destinations by users in terms of residential units online search on the platform.

“The rental solutions come as a temporary move by a large number of consumers before making a final purchase decision due to the recent high price increases and the desire of consumers to wait for any new changes in the market, in the second place comes primary units with more flexible payment terms”Hammad said, elaborating that the resale market is the most effective segment of consumer demand, especially as the purchasing power of consumers prevents them from paying huge amount of money in one go to buy back units from the original owner. ”

He continued that Property finder is one of the most important search engines for the Egyptian real estate market, and that they aim to leverage the technology and the real estate sector to create a boom in the largest market in Egypt.

In terms of the age categories coming first in using Property Finder engine to search for Real Estate Properties, Platform indicators showed that more than 48% of users are within the age range 25-34 and women accounted for 57.2% of the search, while men accounted for 42.8% of the property online search.

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RE/MAX achieves EGP 6bn sales in H1 of 2019 https://ww.dailynewssegypt.com/2019/06/24/re-max-achieves-egp-6bn-sales-in-h1-of-2019/ Mon, 24 Jun 2019 11:48:03 +0000 https://ww.dailynewssegypt.com/?p=700978 Director of Business Development at RE/MAX Egypt, Sherif Mahmoud, said the company's sales increased by 80% in the first half (H1) of 2019 to EGP 6bn, compared to EGP 3.250bn last year

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Director of Business Development at RE/MAX Egypt, Sherif Mahmoud, said the company’s sales increased by 80% in the first half (H1) of 2019 to EGP 6bn, compared to EGP 3.250bn last year.

Mahmoud added in the roundtable on Wednesday, that the company’s branch network has grown to more than 35 offices in Egypt in less than seven years through the franchise model. The company aims to expand to 50 offices by the end of 2019 and 70 offices in at least 12 governorates by the end of 2020, in addition to 1,000 real estate marketeers.

RE/MAX has more than 8,000 branches in over 110 countries around the world. The company has now more than 35 offices in six governorates in Egypt, including Cairo, Giza, Alexandria, Red Sea, Daqahleya, and Gharbia which employs more than 600 real estate marketeers.

RE/MAX Egypt has recorded 70% increase in resale share in the local real estate market of the total operations during the first five months of this year compared to 60% last year.

Mahmoud pointed out that resale operations increased during the current year despite the attractive offers presented by real estate investment companies.

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Organising AFCON in Egypt promotes real estate investment https://ww.dailynewssegypt.com/2019/06/24/organising-afcon-in-egypt-promotes-real-estate-investment/ Mon, 24 Jun 2019 11:40:03 +0000 https://ww.dailynewssegypt.com/?p=700976 Better Home Group's General Manager Ashraf Adel said that organising the Africa Cup of Nations (AFCON) in Egypt supports the country’s tourism and investment promotion initiatives and confirms its restored political and security stability

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Better Home Group’s General Manager Ashraf Adel said that organising the Africa Cup of Nations (AFCON) in Egypt supports the country’s tourism and investment promotion initiatives and confirms its restored political and security stability, which would attract more investments and thus improving the overall economic situation.

“Believing in the importance of these matches and championships for Egyptians, the company launched the largest display screens in the company’s mall in the Fifth Settlement, New Cairo, to coexist with the atmosphere of daily matches and bring the spirit of the championship to the place,” Adel added.

Adel noted that two screens were installed in the mall to feature the AFCON games. They were placed in quite a special place in the mall so that everyone can clearly watch the matches.

Since Egypt won the honour of hosting the AFCON, the company is considering how to contribute to celebrating this important football event. Therefore, the company has decided to put these screens to serve all the mall’s visitors. In addition, the mall featured the AFCON mascot “Tut” and hanged stereoscopic photos of Egypt’s national team.

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MBG completes marketing 50% of Pukka Capital Walk in NAC https://ww.dailynewssegypt.com/2019/06/24/mbg-completes-marketing-50-of-pukka-capital-walk-in-nac/ Mon, 24 Jun 2019 11:35:12 +0000 https://ww.dailynewssegypt.com/?p=700970 Al Adl pointed out that the company has achieved a 70% sales volume in the Pukka project, which includes more than 1,680 housing units on an area of 40 feddan

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Egypt’s real estate developer MBG Development has completed the marketing of about 50% of the Pukka Capital Walk mall inside the New Administrative Capital (NAC).

Mahmoud Al Adl, chairperson of the company, said that the company has started offering the Pukka project’s units for sale at the end of last year on an area of 25,000 sqm, only 5 minutes from the Green River and the British University, and only 10 minutes away from the diplomatic neighbourhood.

Al Adl pointed out that the company has achieved a 70% sales volume in the Pukka project, which includes more than 1,680 housing units on an area of 40 feddan.

The Pukka project is located near the diplomatic neighbourhood in the New Capital, and the company plans to hand over the whole project in 2022, which is being developed on four phases.

The company is focused on investing in the NAC during the coming period. Therefore, the company plans to implement a new residential project there on an area of 48 feddan, similar to the Pukka project, along with developing a medical project for athletes in the sports city, on an area of 5 feddan, Al Adl said.

MBG Development has been operating in Egypt’s real estate market for 35 years and has developed several residential villages in the cities of Damietta, Mansoura, and Ras El Bar. In Ras El Bar, the company has developed three villages: Sunset Festival, Sunset El Nakheel, and Sunset Gardens. In Mansoura, MBG built Al Oula City on an area of 27,000 sqm and a World Trade Centre on an area of ​​20,000 sqm, in addition to the International Medical Centre on an area of ​​10,000 sqm, consisting of specialised medical centres overlooking the Nile in Mansoura city.

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Jadeer Real Estate launches 2nd phase of Swara https://ww.dailynewssegypt.com/2019/06/24/jadeer-real-estate-launches-2nd-phase-of-swara/ Mon, 24 Jun 2019 10:23:25 +0000 https://ww.dailynewssegypt.com/?p=700969 Company invests EGP 250m during current year

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Jadeer Real Estate Group aims to launch the second phase of the Swara mini compound for sale during the summer season after the completion of the sale of the entire first phase.

Chairperson of Jadeer, Mahmoud Abo El-Khair, said that the Swara comprises of four buildings in the fifth district in the Beit El Watan residential area in New Cairo, with an investment of EGP 88.5m, on an area of 3,000 sqm.

Abo El-Khair noted that the company intends to deliver the whole project by February 2023.

He pointed out that the project includes 80 different housing units to suit all segments of society, ranging from 110 to 370 sqm, including studios, duplexes, penthouses, and fully finished family housing units, noting that the project includes integrated services, such as gyms, Jacuzzis, spas, swimming pools, and landscaping.

The company is currently implementing seven residential separate buildings in various areas in New Cairo with investments up to EGP 270m.

Abo El-Khair revealed the opening of the new branch for Jadeer Real Estate in the Sixth of October City, to expand in a new market in Sheikh Zayed City and the Sixth of October.

The company is currently seeking a new coastal project that will soon be announced to suit the needs of its customers in the coming period.

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Saudi delegation’s visit to mega real estate projects promotes Egypt globally https://ww.dailynewssegypt.com/2019/06/24/saudi-delegations-visit-to-mega-real-estate-projects-promotes-egypt-globally/ Mon, 24 Jun 2019 10:18:30 +0000 https://ww.dailynewssegypt.com/?p=700964 Egypt needs to organise similar events, visits to encourage Arab, foreign investments, says developer

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Last week, a delegation from the National Real Estate Committee at the Council of Saudi Chambers has concluded its visit to Egypt which aimed to attract and increase Saudi investments in the construction and real estate sector in Egypt.

The delegation visited Egypt in the period from 15 to 19 June to identify the investment incentives provided by the Egyptian government, as well as the economic reforms that have been introduced in the last period.

The Saudi delegation, which included more than 50 Saudi investors from major real estate developers and real estate investment companies, met with the chairperson of the Administrative Capital for Urban Development (ACUD) and visited the company’s projects. In addition, the delegation met with Egypt’s minister of investment and international cooperation, head of New Alamein City Authority, and Governor of Alexandria.

During their visit to the New Administrative Capital (NAC), Ahmed Zaki Abdeen, chairperson of the ACUD, called on Saudi businessmen to invest in the NAC, especially as it is a first-class investment project and very profitable.

Abdeen said: “The NAC project is a real achievement and I invite you to participate and invest in this great work,” pointing out that all the infrastructure work will be completed by the end of this year–where about 70% was completed.

The Saudi delegation raised the problem of profits and capital transfer that foreign investments had been exposed to in the past years. In this regard, Vice President of Egyptian Businessmen’s Association (EBA), Fathallah Fawzi, said that the New Investment Law ended all problems related to free movement of profits and capital as well as granted incentives and provided many facilities to investors and businessmen.

He pointed out that the ministry of investment exerted great efforts to solve investors’ problems and introduced investor services automation, in addition to the availability of multiple systems to grant land to developers and companies.

Fawzi elaborated that investors can obtain lands within a period not exceeding two weeks with various selling systems.

“Investment in Egypt and Saudi Arabia has become more flexible and attractive to businessmen and investors thanks to the incentives adopted by the two countries over the past years,” head of the Saudi delegation and Chairperson of the Real Estate Committee, Hamad Al-Shuwayer, said.

He added that the Saudi delegation looked forward to investing in Egypt in various national projects and governorates.

He noted that the vision of Saudi developers and real estate companies for the NAC project has completely changed after the visit organised by EBA.

“The reality of the New Capital project is more than we imagined–a great work in record time,” Al-Shuwayer added.

Alaa Fekry, member of the board of directors of the Real Estate Investment Division of the General Federation of Chambers of Commerce, said that the visit is a very good step, and it had to take place a long time ago as Egypt sought to attract foreign investments to the Egyptian market.

He pointed out that Egypt is witnessing a boom in development and investment opportunities in various sectors, noting that it has witnessed an increase at the level of laws and legislation, which created an attractive environment for investment.

Fekry stressed the need to seek the organisation of similar events and visits to encourage Arab and foreign capitals to invest in Egypt, in order to provide opportunities for investors to form their investment vision in Egypt and to develop their necessary studies for this.

Additionally, there is a need to identify local investors and provide opportunities for successful consortiums and partnerships, especially with the preference of a large sector of Arab investors willing to cooperate with Egyptian companies possessing special expertise on the nature of the market and its requirements, he noted.

Fekry explained that the real estate sector has promising investment opportunities in service investments such as commercial, administrative, educational, and medical projects, adding, “There is a real need for these projects in Egypt with the rapid development witnessed in new cities and increasing customer needs.”

For his part, member of the construction committee at the EBA and First Group’s Chairperson, Bashir Mostafa, said that the visit was successful and achieved very positive results at the level of the Saudi and Egyptian sides.

Mostafa pointed out that this visit came at the right time especially in light of the real urban renaissance in a number of Egyptian governorates, in addition to the state’s direction and its understanding of the importance of the real estate sector, its impact on the state’s GDP and its ability to attract more foreign investment, especially in light of the emergence of a number of legislation for organising the market taken by the state recently.

Yousrey El-Sharkawi, CEO of House of Consultancy, said that the delegation’s visit to Egypt is one of the most important commercial visits to Egypt in recent times.

He attributed this to several reasons, the most important of which is a confirmation to Arab investors that the current investment climate in Egypt has become promising and attractive after many reform packages have been recently carried out by Egypt.

El-Sharkawi explained that the field visit to the fourth generation cities and mega national projects implemented by the state recently would contribute to attracting investment which requires facilitating procedures and getting the highest rates of return on profit.

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Misr Italia’s investments in Egypt to record EGP 50bn in 10 years https://ww.dailynewssegypt.com/2019/06/22/misr-italias-investments-in-egypt-to-record-egp-50bn-in-10-years/ Sat, 22 Jun 2019 14:25:45 +0000 https://eklutdvotyzsri.dailynewssegypt.com/?p=700790 Company signed cooperation protocol to fund establishing an official school in New Capital

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Misr Italia Properties’ investments in the real estate sector is expected to reach EGP 50bn in approximately 10 years, according to Chairperson of the company, Hany Al-Assal.

Al-Assal added that the company targets achieving EGP 5.5bn in sales of its projects by the end of 2019.

During a press conference held on Monday, Al-Assal noted that the IL Bosco project’s sales have recorded EGP 7bn.

The IL Bosco is being developed on 200 feddan in the New Administrative Capital (NAC) with EGP 16bn in investments.

He elaborated that the company plans to direct EGP 2bn in investments toward its projects, out of which EGP 800m will be directed toward the Vinci and the IL Bosco projects in the NAC.

The Vinci project is in the New Capital on 110 feddan with EGP 9bn in investments. The company has achieved about EGP 1bn in sales of its launch in last October.

During press conference held on Monday, Misr Italia signed a cooperation protocol with the Engineering Authority of the Armed Forces, and Armed Forces Land Projects Agency (AFLPA).

The General Authority for Educational Buildings will establish an official school in the NAC.

The school’s investment cost reaches EGP 25m in the light of the company’s developmental programme to develop the Egyptian human being.

Spanning over 11,800 sqm, the school comprises of 56 classes which include 1,500 students.

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Parliament’s housing committee approves draft law cancelling old rent for non-housing units https://ww.dailynewssegypt.com/2019/06/14/parliaments-housing-committee-approves-draft-law-cancelling-old-rent-for-non-housing-units/ Fri, 14 Jun 2019 16:54:39 +0000 https://www.dailynewssegypt.com/?p=700397 Law contravenes ruling of Supreme Constitutional Court, says housing committee member

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The housing committee of the Egyptian Parliament approved a final draft law cancelling old rent contracts of leased units that are not for housing purposes during its meeting.

The government has submitted a draft law to cancel contracts of old rents of legal persons to implement the ruling of the Supreme Constitutional Court of nullifying these contracts.

Moreover, the housing committee has amended the government’s law to apply this judgment to all units rented for non-housing purposes such as shops, doctors’ clinics, law offices, and others that have contracts dating back to pre-1996.

According to this law, the leases of the places to which the provisions of this law apply will be in favour of the lease for a period of five years from the date of its implementation. In all cases, such contracts shall be terminated by force of law and without the need for any action or judgment by the end of this mentioned period.

 

Additionally, the new law states, “the legal rent fees for places to which the provisions of the law apply shall be set at five times the specified legal rental value. The annual increase of the fees shall be due on a regular basis in such successive years by 15% of the last legal fee for four years.”

 

The law also mentions that the tenant is obliged to vacate the rented unit and return it to the owner or the lessor on the day following the expiry of the five-year period.

 

If the tenant refuses to leave the unit, the owner or lessor may apply to the temporary judge of the court the units belong to, to order the expulsion and the delivery of the place free of persons and movables, without prejudice to the right of the owner or lessor in compensation if it is required.

 

According to the data presented by ministry of housing, the approved draft law will include about 2.9m leased units, which were opposed by opponent members of the amendment because they were described as inaccurate.

 

For his part, Mohamed Abdel-Ghani, member of housing committee in parliament, refused the law and provided a new memorandum to the Parliament Speaker, Ali Abdel Aal, to amend the approved draft law hoping to receive the response in the coming two weeks.

 

Abdel-Ghani told Daily News Egypt that if his request to amend the law is accepted, the new draft will be approved within one month. He explained that his new proposal provides other ways of agreement between the tenant and lessor instead of expelling him out of the unit as a way to consider social and economic justice.

 

Moreover, he disclosed that applying the law on legal persons contravenes the ruling of the Supreme Constitutional Court, therefore, the law needs to be reconsidered.

 

“The Supreme Constitutional Court provisions in 2001 decided to transfer rental units to sons of tenant for the first generation only, and then unit’s ownership returns to original owner. However, in the case of legal persons such as banks and entities that do not have an heir, the Constitutional Court ruled unconstitutional contracts of legal persons.”

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