Real Estate – Daily News Egypt https://ww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Fri, 23 Aug 2019 12:00:02 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Emaar Misr confirms its ownership of Marassi’s land after lawsuit claiming possession https://ww.dailynewssegypt.com/2019/08/21/emaar-misr-confirms-its-ownership-of-marassis-land-after-lawsuit-claiming-possession/ Wed, 21 Aug 2019 13:15:09 +0000 https://ww.dailynewssegypt.com/?p=705674 The land of Marassi development is registered and notarized by Emaar Misr in Egypt’s Real Estate Register and Documentation, after examining all the documents related to the land, according to a press statement.

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Developer Emaar Misr on Tuesday rejected a lawsuit claiming possession of a part of the land where its Marassi residential and leisure development project was built in the North Coast.

The land of Marassi development is registered and notarized by Emaar Misr in Egypt’s Real Estate Register and Documentation, after examining all the documents related to the land, according to a press statement.

Egyptian businessperson Waheed Raafat’s lawyer Khaled Abou Bakr told Reuters that Raafat has filed a lawsuit against Emaar Misr claiming more than 400 feddan of the 1,500 feddan project.

Abou Bakr said, “We have been pursuing our rights for more than 35 years, and on 28 July, Raafat has obtained a registered contract proving his ownership of the 700-feddan plot of land.”

He added that the case took the number 481 of 2019 in South Cairo court and will be tried on 2 September.

Emaar Misr clarified that it had purchased the project’s land through the state’s public auction and the company has paid the total value of the land.

The company also emphasises the strength of its legal position, adding “these false allegations will be dealt with through legal channels in order to preserve the moral and fiscal rights of Emaar Misr.”

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Inertia, Banque du Caire sign EGP 575m loan to develop company’s projects https://ww.dailynewssegypt.com/2019/08/21/inertia-banque-du-caire-sign-egp-575m-loan-to-develop-companys-projects/ Wed, 21 Aug 2019 12:51:14 +0000 https://ww.dailynewssegypt.com/?p=705660 Company eyes EGP 5.5bn sales of Jefaira project, says CEO

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Real estate developer Inertia has signed EGP 575m loan with Banque du Caire to develop the company’s projects and Jefaira North Coast.

During the loan’s signing ceremony on Tuesday, Inertia’s CEO Ahmed El Adawy said the fund will be directed to construction works in the company’s projects, elaborating that the loan covers about 55-60% of the total targeted construction rate within a year.

El Adawy pointed out that the loan will be disbursed within a year and will be repaid over five years.

Additionally, he revealed that the company has achieved EGP 4.5bn sales since launching Jefaira project and eyes EGP 5.5bn by the end of the current year, disclosing that the first phase of the project has been sold out and the company managed to market 90% of the second phase of the project.

Tarek Fayed, chairperson and CEO of Banque du Caire, said Inertia is one of the most modern heavyweight companies and has a strong portfolio of real estate projects in distinctive areas.

Fayed added that the bank’s strategy focuses on providing finance to promising sectors that support macroeconomic growth in general, especially real estate development and construction sectors, as these sectors are able to create new job opportunities in local market and achieve added value in promoting urban development.

Hussein Rifai, chairperson and board member of Inertia Holding Group, pointed out that the arrangement to obtain the targeted financing from Banque du Caire took a period of six months during which cooperation with an integrated team from Banque du Caire has been achieved.

Rifai added that the funding directed by Banque du Caire is sufficient to support the financing needs of the company’s construction works over the next two years.

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ALDAU to complete its Hurghada Heights’ 2nd phase by 1Q 2020: commercial director https://ww.dailynewssegypt.com/2019/08/19/aldau-to-complete-its-hurghada-heights-2nd-phase-by-1q-2020-commercial-director/ Mon, 19 Aug 2019 18:13:04 +0000 https://www.dailynewsegypt.com/?p=705406 ALDAU Village Mall to be completed next year

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ALDAU Development is looking for expansion across Egypt, Mohamed Salem, senior operations and commercial director at ALDAU, told Daily News Egypt in an interview, where he talked about the company’s projects and development plan; the transcript for which is below, lightly edited for clarity:

What are the updates regarding the company’s projects in West Cairo?

Our growth plan aims to expand our market presence in core markets especially in Egypt which includes the major development in the West Cairo Pyramids Heights Business Park destination; Cairo West Residence, a luxurious residential compound, will be our first residential project in Cairo in proximity to the New Egyptian Museum, Sphinx Airport.

What is the value of investments the company directs to the project in the current year?

ALDAU Heights is regarded as one of the most important projects of ALDAU Development in Hurghada. It’s investment value amounts to EGP 1bn spanning an land area of 25,000 square meters with a total of 384 residential units overlooking the sea directly, all of which are distinguished by beach fronts and landscaping constructed on an area of 2000 square meters with two marinas for yachts. The second phase is expected to be completed by the end of Q1 2020.

What is the company’s strategy to expand in the coming period?

ALDAU Development is looking for expansion in multiple & different governorates across Egypt.

Also, in the light of our keenness in ALDAU Development to provide services at the highest level of welfare and luxury to open privileged access to our own owners, its scheduled to open ALDAU Village Mall  in Hurghada by Q1 2020, which includes a wide range of international brands along with top notch national brands making sure we provide Hurghada’s residents & shoppers with the best shopping experience & the best mix to amidst the increasing demand from clients in the Hurghada area with the completion of upgrading the efficiency of many areas and roads along the activation of means of rapid transport and roads.

 

What products does the company intend to showcase in its projects in the coming period?

At ALDAU Development we pay attention to the most accurate details and highest international quality standards in execution of our various projects to offer real estate products catering to consumers and investors aspirations and requirements whether with the objective of investing in commercial units or for residential purposes and recreational areas.

What’s the company’s delivery plan?

ALDAU Heights project phase one is completed & delivered, Our target is to deliver ALDAU Heights Project’s second stage during 2019 with a reality of 300 units. In addition, our aim is to inaugurate the first phase of ALDAU Village Mall Q1 2020 as well and this is the first comprehensive mall in the Red Sea spanning an area of 22,000 square meters alongside ALDAU Heights Project, while the total area of ALDAU Heights and ALDAU Village Mall amount to around 85,000 meters.

What is the size of the investments of ALDAU Heights and ALDAU Strand?

The volume of ALDAU Heights investments is LE two billon with a total of 1063 units and ALDAU Strand’s investments stand at LE one billion for establishing 384 units. ALDAU Village Mall LE 1/2 billion

Coastal areas in Egypt are transforming into first home and there is a great demand by Egyptians on these areas specially North Coast, Alamein, Hurghada and Ain Sokhna.

How do you see this market in the coming period and shall it will experience such instant demand?

In reviewing the history of the western Northern Coast area, we find that focusing on the Coast is changing, so after investment was in Marakia then Agami, Marabella and Marina reaching to Sidi ‘Abdelrahman and Ras Al-Hekma in its direction to Marsa Matrouh Governorate, we see that the area connecting between Ras Al-Hekma and Marsa Matrouh has become the promising investment one, which is expected to become the new attracting point for tourist investment.

This affirms that the Northern Coast sales won’t and will not stop in 2019, and the good product will undoubtedly find its place on the market.

What is the company’s plan to export real estate? Additionally, what is the percent of the company’s sales for foreigners?

We seek to provide various facilitations supporting foreigners purchase of the Egyptian real estate including easing conditions of real estate funding, because the current one applies to a limited number of units, which are not in the scope of foreign buyers’ demands whether in relation to value or location.

Over the past two years, ALDAU Development clients are English, Germans and Russians calling on the company to help them in acquiring residency in order to purchase units. This confirms that the law requires an amendment to one of the most prominent obstacles. In Hurghada, foreigners’ ownership of real estate units are not less than 100,000 units by any means and the rate of foreign clients at ALDAU Development reaches around 15 % from the total number of the company’s clients.

The largest rate of clients are English and Germans who buy in Egypt and they prefer to own units, its prices of which range between 100 to 120 Euros and in installments. Usually, foreign buyers prefer studios & 1 bedroom units that range between 58 and 110 square meters.

How do you see Egypt’s real estate market? Additionally, what is your expectation toward real estate price hikes after increasing fuel prices?

The real estate market in Egypt is a big market and is very competitive due to the entry of new players in it, but this market is able to sort itself will remain only the main players only able to provide excellent services at competitive prices.

Of course, real estate prices may see increases due to increased fuel prices, but real estate developers are offering large payment facilities that are very similar to bank financing services. With the increase in installment periods of up to 10 years, to pay the installments of the units that have been booked.

Unlike all expectations that the real estate market will slowdown in 2019, the sales witnessed a boom during the first half of 2019. Please explain us why? And what are your expectations to the second half of the current year.

The real estate market revealed the real need for non-residential units of all types other than housing units that investors used to put in the market, as the volume of investment demand for this type of units as indicated by recent market studies. As well as the current stage of great efforts to facilitate the registration of real estate, and activate the system of one window, and take a series of measures in support of investment. Through the opening of new markets and the provision of real estate products that meet the aspirations and needs of consumers and investors. Everyone should be well aware that demand trends are increasing towards real estate for investment, especially non-residential units of all kinds, medical, service, administrative or commercial units, including recreational areas.

How do you see developer’s participations in foreign exhibitions and do you think that this strategy works in promoting Egypt’s property?

Out of Egypt there is a different concept for real estate exhibitions for example, ALDAU Development received an offer to participate in an exhibition in China, while the exhibitor stipulated that the company send representatives who speak Chinese and the exhibitions in China have a special character, which is completely different from the existing local exhibitions. On the idea of ​​reserving spaces to display project models in order to inform all visitors to the exhibition.

The concept of the China Real Estate Exhibition is based on the opportunity for serious customers to meet with representatives of companies and sit with them at the same table to negotiate the purchase after seeing all the projects in one way or another and have the real desire to meet one of the sales staff in the target company, which receives before the participation in the exhibition details of the dates and the number of customers that will meet them at one table.

However, in light of our participation in the London exhibition, it became clear to us the need to develop the philosophy of exporting real estate in general and need more international marketing efforts, and the real estate developers must open branches in the countries that target them and attract and recruit foreign marketing competencies.

In your opinion, what are the hottest areas in demand for real estate in Egypt and why?

Al Mansoura is a new and attractive investment zone that serves more than one area such as Tanta, Alexandria , the new city of El Alamein, the new Mansoura, the new Damietta and the Canal region

which means that there is a large demand for investment in these areas, especially in light of the scarcity of land in the old cities and the availability of purchasing power exceeds the supply. In addition to the governorates of Upper Egypt, and sponsorship of the State to play the role of the developer and open the investment horizons for developers in these areas.

As I said there are other areas such as Tanta, Alexandria , the new city of El Alamein, the new Mansoura, the new Damietta and the Canal region.

How do you see that launching mega real estate projects by the government participate in improving the economy performance?

When we highlight the important role of the government in the development process, it must not exceed the role of the development plan and not become a competitor to the real estate development companies, but can play the role of participation in the land only to facilitate the process of investment and development, and its role in providing the integrated service areas that lead the development movement in any city This is a kind of long-term investment, but it must be offered at a distinguished level that attracts customers and serves development in the cities of Upper Egypt and the new urban cities whose services are sought by the pioneers. The Available in the capital and the cities of Greater Cairo.

Has foreign tourism been returning significantly?

The efforts of the Egyptian government in this file are very great. Thankfully, the hospitality sector has begun to pay off. The hotel hospitality sector was the horizon for the ALDAU Development Group

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Housing Ministry’s investments in New Aswan reach EGP 1.2bn over 6 years https://ww.dailynewssegypt.com/2019/08/15/housing-ministrys-investments-in-new-aswan-reach-egp-1-2bn-over-6-years/ Thu, 15 Aug 2019 08:00:58 +0000 https://www.dailynewsegypt.com/?p=705110 The ministry has built 3,120 social housing units in the city, besides other 3,600 units under construction, El Gazzar said in a Wednesday press statement.

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Ministry of Housing’s investments to develop New Aswan city since 2014 has amounted to approximately EGP 1.2bn, plus EGP 750m investments in the city before 2014, according to the Minister of Housing Assem El Gazzar.

The ministry has built 3,120 social housing units in the city, besides other 3,600 units under construction, El Gazzar said in a Wednesday press statement.

The minister pointed out that it is expected to complete the implementation of 58 buildings comprising 1,160 housing units by December, in addition to other 42 buildings including 840 units by June 2020.

Additionally, the housing ministry is implementing 66 villas in the first phase of the city’s tourist strip project on an area of 180 feddan, El Gazzar elaborated, noting that  the implementation rate of the project is about 35%, and an additional 463 villas are being constructed within the urgent phase in the city.

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SODIC reports EGP 2bn revenues in 1H19, a 92% growth https://ww.dailynewssegypt.com/2019/08/10/sodic-reports-egp-2bn-revenues-in-1h19-a-92-growth/ Fri, 09 Aug 2019 22:05:11 +0000 https://www.dailynewsegypt.com/?p=704939 Gross profit grew 23% to hit EGP 630m during the period, reflecting a gross profit margin of 31%.

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Sixth of October Development and Investment Company (SODIC) has released its consolidated financial results for the first half (H1) of 2019.

The company achieved revenues of EGP 2bn during the six-month period, compared to EGP 1.05bn during the same period last year, reflecting a growth of 92% with East Cairo projects amounting to 66% of the delivered value.

Gross profit grew 23% to hit EGP 630m during the period, reflecting a gross profit margin of 31%.

Operating profit of EGP 325m was recorded during the period showing a growth of 3% versus the same period last year.

Net profits declined to EGP 336m in H1 of 2019, compared to EGP 373m for the same period last year.

Total cash and cash equivalents amounted to EGP 4.5bn reflecting a very liquid balance sheet supporting the execution of SODIC’s projects as well as growth.

Bank leverage remains low despite increasing to 0.43x bank debt to equity with bank debts outstanding at EGP 2.1bn. The increase in bank facility utilization comes in line with the company’s strategy to prudently increase its leverage to enhance shareholder returns.

Receivables of EGP 11.5bn provide strong cash flow visibility, with delinquency rates at 7%.

Client deposits represent the backlog of unrecognized revenues from contracted sales of units that are to be delivered over the coming three to four years. Client deposits as of the end of the quarter were EGP 17bn providing strong revenue visibility for the company.

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MNHD revenues record EGP 1.089bn in 1H 2019 https://ww.dailynewssegypt.com/2019/08/09/mnhd-revenues-record-egp-1-089bn-in-1h-2019/ Fri, 09 Aug 2019 15:51:48 +0000 https://www.dailynewsegypt.com/?p=704858 Despite the strategic postponement of new launches in Taj City to the third quarter of 2019 ( already launched), MNHD recorded consolidated net profit of EGP 511m in 1H 2019 compared to EGP 588m a year earlier.

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Egypt’s developer Madinet Nasr Housing and Development (MNHD) achieved consolidated revenues of EGP 1.089bn in the first half of 2019 (1H 2019) down from EGP 1.267bn in the same period last year, the company announced on Thursday.

Despite the strategic postponement of new launches in Taj City to the third quarter of 2019 ( already launched), MNHD recorded consolidated net profit of EGP 511m in 1H 2019 compared to EGP 588m a year earlier.

During the first half of the year, MNHD’s net presales reached EGP 2.06bn from EGP 2.53bn recorded in 1H 2018, as a result of the strategic decision to postpone new launches in Taj City to the third quarter.

MNHD has delivered 126 units in 1H 2019, up significantly from 54 units during the same period in 2018.

Furthermore, the company’s standalone net profit stood at EGP 511m for the same period, compared to EGP 574m recorded in 1H 2018.

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El Shams Housing  to start construction of Solana project in NAC end-August https://ww.dailynewssegypt.com/2019/08/08/el-shams-housing-to-start-construction-of-solana-project-in-nac-end-august/ Thu, 08 Aug 2019 09:00:28 +0000 https://www.dailynewsegypt.com/?p=704853 Project will be self-financed by EGP 3.4bn from the company's liquidity and sales of residential units

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Mahmoud Maghawry, Chairperson and Managing Director of El Shams Housing and Ubranization company, revealed that his company is ready to start the construction works for the Solana project in the New Admistrative Capital (NAC) by the end of this month.

Maghawry explained that Solana project is built on 37 feddan with a total investment of EGP 3.4bn. It is an integrated residential complex of 25 buildings and a total of 1,580 luxury residential units, in addition to a mall on an area of 2200 sqm, a mosque, a nursery and a social club on an area of 7194 sqm, in addition to a recreational area on 5440 sqm.

He pointed out that the investment will be self-financed from the liquidity available to the company besides sales of residential units.

The project’s estimated investment includes the cost of land, which amounts to EGP 723.3m, and the cost of buildings and recreational areas and the mosque worth EGP1.95bn, in addition to operating costs and infrastructure and the public site, garage, mall, nursery and social club.

Maghawry said that the project will be implemented in one phase, which is expected to be completed within three years.

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Palm Hills debuts Mazeej Hotel on 4,000sqm in North Coast https://ww.dailynewssegypt.com/2019/08/08/palm-hills-debuts-mazeej-hotel-on-4000sqm-in-north-coast/ Thu, 08 Aug 2019 08:30:00 +0000 https://www.dailynewsegypt.com/?p=704849 The hotel is a collaboration with Palm Hills Developments and G’nK Hospitality to comply with the national strategy to promote and facilitate international tourism, according to the issued press statement.

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Egypt’s real estate developer Palm Hills Developments announced, on Wednesday, the completion and grand opening of Mazeej Hotel in Hacienda White, North Coast.

The hotel is a collaboration with Palm Hills Developments and G’nK Hospitality to comply with the national strategy to promote and facilitate international tourism, according to the issued press statement.

Located on an area of 4,000sqm in Hacienda White, Mazeej Hotel provides a variety of amenities and facilities including 38 rooms, 4 suites, a private lagoon, and gourmet restaurants.

Palm Hills Developments Chairman, Yaseen Mansour said, “we have expanded to new industries while retaining our notorious standard of implementation.” He added, “As with all our projects, Palm Hills Developments guarantees the luxury and safety of Mazeej Hotel.”

Palm Hills Developments has 15 completed projects across Cairo and the Red Sea.

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New Plan Developments to implement 20% of Serrano’s construction year-end https://ww.dailynewssegypt.com/2019/08/06/new-plan-developments-to-implement-20-of-serranos-construction-year-end/ Tue, 06 Aug 2019 20:34:55 +0000 https://www.dailynewsegypt.com/?p=704664 Company has marketed 90% of Serrano within eight months, says chairperson

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New Plan Developments aims to implement 20% of Serrano project’s construction works in the New Administrative Capital (NAC) by the end of this year.

Walid Khalil, chairperson of the company, said that the company has begun construction works in the project for two months after the company has received the ministerial approval.

He revealed that the company has marketed 90% of the Serrano project within eight months. The project spans over 15 feddan with 17.5% built-up area, and comprises of 622 units, with a total investment of EGP 1.5bn.

Khalil noted that the project is scheduled to be delivered by 2022.

Additionally, he pointed out the company’s third project ATIKA in the NAC is being built on 36 feddan in R7 district, and encompasses 1,500 units, with investments reaching EGP 4.5bn.

Khalil also revealed that the company is developing its second project, ELEVEN, which is an administrative commercial building in the central business district (CBD) in the NAC. It will be built on an area of 7,500 sqm. The company plans to deliver the project within three years.

He highlighted the strength of the real estate market in Egypt, and the existence of genuine demand, expecting a price hike of about 10% this year, which will not affect customers’ drive to purchase real estate.

Founded in Cairo last year with a paid-up capital of EGP 100m, the company has over 17 years of experience in the Saudi market.

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CCR invests EGP 500m in Frontegate Mall https://ww.dailynewssegypt.com/2019/08/06/ccr-invests-egp-500m-in-frontegate-mall/ Tue, 06 Aug 2019 20:33:09 +0000 https://www.dailynewsegypt.com/?p=704652 Company’s investments reach EGP 5bn, says chairperson 

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Capital for Construction and Real Estate (CCR) has announced the launch of Frontegate Smart Mall on 4,000 sqm in the MU23 district in the New Administrative Capital (NAC) next to the Olympic village.

Sherif El Hawary, chairperson of CCR, said that the Frontegate Mall’s investments are EGP 500m, and it comprises commercial units with various spaces starting from 45 sqm as well as offices and clinics with spaces starting from 65 sqm with 0% down-payment and instalment plan up to six years.

El Hawary added that the company has previously implemented over EGP 5bn worth developments of holy shrines in Mecca.

The company also carried out the design and construction of the Nabq Castle Hotel in Sharm El Sheikh, with a total investment of EGP 25m, Pharaohs Park hotel with investments of EGP 60m, and the Katameya Heights Mall costing EGP 10m, he elaborated.

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OUD eyes EGP 4bn sales by year-end https://ww.dailynewssegypt.com/2019/08/06/oud-eyes-egp-4bn-sales-by-year-end/ Tue, 06 Aug 2019 17:50:41 +0000 https://www.dailynewsegypt.com/?p=704627 Delivery of OIC’s first phase is set to begin within nine months, says OUD owner

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Orientals for Urban Development (OUD), a subsidiary of Oriental Weavers Group, targets EGP 4bn sales of its projects during the year, according to Mohamed Farid Khamis, OUD’s managing owner, told Daily News Egypt.

Khamis said the company’s sales in the first quarter (Q1) of 2019 exceeded EGP 1bn.

The company aims in the current year to beat its 2017 and 2018 sales, which seems achievable according to the sales made in the past months, he added, noting that OUD’s sales often exceed targets by roughly 50%.

The company’s latest project is Orientals Industrial City (OIC), the largest integrated industrial city in Ain Sokhna. Khamis revealed they have collected more than EGP 1.5bn in down-payment so far, which reflects the success of the project.

The OIC will be built on an area of 10.5m sqm at a cost of EGP 13bn.

The new industrial city comprises 1,012 industrial units and would be developed and managed by the company’s subsidiary Orientals for Industrial Development and would cater to both small and medium enterprises and heavy industries.

Khamis said the company aims to deliver the first phase of the OIC after providing utilities, which would be completed by the end of the year, adding that it is planned to attract about 18 industries initially.

Moreover, Khamis noted that the OIC includes plants with spaces ranging between 600-500,000 sqm, adding that the project is being developed over five phases within six years. In addition, the city would include administrative and residential units, as well as a 4-star hotel.

Khamis disclosed that the delivery of the OIC’s first phase is scheduled to begin within nine months.

Orientals for Industrial Development will be responsible for developing the project’s infrastructure. The OUD will handle the marketing, designing, and implementing the residential and administrative areas of the project, he elaborated.

Regarding the OUD’s residential projects, Khamis said sales in the J’noub project in the New Administrative Capital (NAC) exceeded EGP 1bn.

The J’noub was built on an area of 50 feddan in R7 in the NAC and includes 1,862 units of various sizes, as well as different services and entertainment areas. The project’s investments reached EGP 3.9bn. The project is distinguished by its massive green space as the company plans to develop only 23 buildings in the project.

For coastal projects, the company received three offers from major investors to obtain the Arena Hotel inside the Oriental Coast resort in Marsa Alam.

The Oriental Coast was built on an area of 1,200 feddan (5.5m sqm) in the Red Sea, 30 km north of Marsa Alam Airport. The project includes eight international hotels with a total capacity of 3,700 rooms and major leisure projects, including international water parks, a world championship golf course, and an international yacht marina.

Additionally, the company has completed the La Playa Alamein hotel in the North Coast in Marina 5. The hotel includes 128 rooms divided into six buildings, each building consisting of 11 rooms, except the main building, which includes 62 rooms. All rooms have a sea view and include five restaurants with sea fronts and two swimming pools, health club, spa, and other activities, such as water games and yachts. Moreover, the hotel is equipped to receive various nationalities from Egypt, the Gulf, and foreign countries, notably Italy. The resort is ready to host parties and business meetings.

Khamis 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 opened new branches in Giza and New Cairo.

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

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

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El Attal unveils 3rd phase of Park Lane Compoundhood in NAC https://ww.dailynewssegypt.com/2019/08/06/el-attal-unveils-3rd-phase-of-park-lane-compoundhood-in-nac/ Tue, 06 Aug 2019 16:40:43 +0000 https://www.dailynewsegypt.com/?p=704631 Company aims to expand in New Capital by launching two projects

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Ahmad El Attal, chairpersonof El Attal Holding and a member of the Real Estate Development Chamber at the Federation of Egyptian Industries, announced the launch of the third phase of the Park Lane project in the New Administrative Capital (NAC), the first compoundhood in Egypt, and the first real estate development project of the company in the NAC.

The first and the second phases have been sold out as a result of the project’s innovative idea, which combined privacy and modern life, El Attal noted.

El Attal highlighted that the third phase of the project, called Promenade View, is one of the most distinctive areas of the Park Lane project. The phase has a variety of unit spaces ranging from 90 to 180 sqm with competitive prices, starting from EGP 10,800 per sqm.

The project features European-style designs while preserving the classical character of Egyptian architecture in distinctive colours which will not be affected by climate changes, he elaborated.

He further added that his company has showcased special offers to customers in Al-Ahram Real Estate Exhibition (Aqari) which was held on 25-28 July.

He pointed out that the company aims to achieve EGP 1bn sales by the end of 2019.

In an interview to Daily News Egypt, El Attal elaborated that the company has obtained the project’s plot of land on an area of 26 feddan, in the most distinctive places in the R7 area, close to the Swedish and British universities and the diplomatic district with investments estimated at about EGP 4bn.

“In May 2018, the company had completed the project’s masterplan and designs, which we were keen to be completely different and innovative from other projects in the New Capital as all engineering designs of the project were done. Accordingly, the company has submitted the required documents for obtaining ministerial approval for the project’s developmentto the Administrative Capital for Urban Development (ACUD) in November, after obtaining the approval of the Engineering Department of the ACUD for the project’s design,” El Attal explained.

El Attal added that the Park Lane project offers a new and different concept of housing into the Egyptian market with an aim of creating various residential communities bringing about a new vision based on the experience of over 70 years in the Egyptian market in the fields of contracting, construction, and design for a number of government agencies, diplomatic bodies, schools, hotels, and tourist villages in Egypt, the GCC, and East Asia.

There have been many discussions between his company and the ACUD, and some special places and commercial units have been modified and the company is currently waiting for the approval from the Engineering Department at the ACUD for recent amendments, he revealed.

He pointed out that the company has started earthworks of the project to be ready to begin construction once ministerial approval is obtained, which is expected to come out within days to begin implementation of the project’s first phase.

He disclosed that the first phase’s investment cost is worth EGP 1.8bn and represents about 60% of the project.

As for the company’s expansions in the NAC, El Attal said that his company is seeking in the coming period to expand in the New Capital with two projects, a residential one and the other is administrative.

Additionally, El Attal Construction, a subsidiary of El Attal Holding, is executing construction works for one of government agencies and private sector companies operating in the NAC with contracts of EGP 2bn.

Regarding investments in the NAC, he commented that the NAC project is one of the most attractive projects to invest in because of its credibility, high speed of completion, and the fact that it is going to be a unique global city in Egypt and Middle East.

He expected that the NAC will witness a high demand for sale and investment during the next few months by more than 20% as it considered an ideal model for secured investment in Egypt, in addition to the great interest of the state in this megaproject.

Furthermore, he revealed that the company is close to completing the final designs of its new residential tourism project in Ain Sokhna overlooking the Red Sea in one of the most attractive areas on 48 feddan, with an estimated investment of EGP 4bn.

El Attal added that it is scheduled to begin the project’s implementation in the fourth quarter of this year. The project comprises of residential buildings and villas with various spaces.

Moreover, the project in Ain Sokhna was designed by one of the largest engineering houses to provide a different real estate product as an addition to the company’s experience in the field of construction. The Ain Sokhna project is the company’s second project in 2019, he stressed.

El Attal expected an increase of 15-20% in real estate prices during the second half of the current year, noting that such an increase is due to an increase in the price of construction materials after the government’s decision to hike fuel prices in the current month.

“Real estate companies must overcome these increases through diversifying units supply to suit different segments of society and to overawed decline in sales,” he clarified. “Total investment of the project of Park Lane will not be changed after increases in prices of building materials, as wehave done a study of future expected increases in the market throughout the period of the project implementation.”

Moreover, he illustrated that after adopting the Real Estate Developers Federation Law the market will be more organised and increasingly competitive, and the law will create a balanced relationship between the developer and the client.

El Attal Holding has seven subsidiary companies and has carried out more than 20 projects during the last 10 years. Furthermore, the company conducts construction works for some embassies.

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ACUD negotiates with Emirati investor to develop EGP 18bn project in New Capital https://ww.dailynewssegypt.com/2019/08/06/acud-negotiates-with-emirati-investor-to-develop-egp-18bn-project-in-new-capital/ Tue, 06 Aug 2019 14:00:50 +0000 https://www.dailynewsegypt.com/?p=704625 Ten companies paid only 2% of land cost

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Ahmed Zaki Abdeen, chairperson of Administrative Capital for Urban Development (ACUD), revealed there are many offers from foreign and Egyptian companies to obtain large plots of land in the New Administrative Capital (NAC) project, east Cairo, although the ACUD has doubled the price of land compared to the first land offering in 2016/17.

Abdeen said the ACUD 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.

Daily News Egypt interviewed Abdeen to know further details about the development of the NAC project, the transcript for which is below, lightly edited for clarity:

How many companies did pay deposit for their lands in NAC?

Ten real estate companies have paid only 2% of their land deposits, but we are still in negotiations with these companies to pay 20% of the land price, and we will reach an agreement soon.

Do you plan to enter in partnerships with developers in the first phase of the NAC project?

Our priority in the current period is to sell lands of the first phase of the NAC project, however, we welcome having partnerships in second and third phases. We plan to have partnerships for plots of land exceeding 100-1500 feddan.

Ahmed Zaki Abdeen, chairperson of Administrative Capital for Urban Development (ACUD)

What are most important partnership offers the company received?

We have a recent offer submitted by an Italian investor to launch the largest Disney Land project in the New Capital on 1,200 feddan. We are currently negotiating with the Italian company about the price of land and the pricing committee is currently determining the value of the project’s land to be presented to the Italian investor which will be part of the second phase of the NAC project.

Additionally, the ACUD is close to an agreement with an Emirati investor to get 1,200 feddan to set up a global residential project in the New Capital with investments estimated at EGP 18bn. The company had asked to obtain a plot of land within the rest area that the AUCD has not offered in the first phase of the NAC project.

Do you plan to offer new lands in the current year?

No, we do not need to offer new lands in the current year. However, we are studying partnership projects offered by Arab and Egyptian developers with large plots of land. Approximately 17,000 feddan have been sold in the first phase of the project.

How much did providing necessary utilities cost?

Providing utilities cost EGP 1,700 per square metre, with total infrastructure cost of EGP 140bn.

What is the value of construction contracts in New Capital?

The value of construction contracts signed by the ACUD in cooperation with the New Urban Communities Authority reached about EGP 40bn, which has been targeted since launching the project. About 70 companies are implementing infrastructure, buildings, road networks, drainage, water, and other projects.

How many embassies did request to move to the New Capital?

The ACUD has received 22 requests from foreign embassies in Egypt to acquire lands in NAC’s Diplomatic District, notably Saudi Arabia and China, who each appealed for a 20-feddan plot.

The Diplomatic District is the responsibility of the Ministry of Foreign Affairs, and thus, it is responsible for accepting such applications and coordinating with ACUD in the process of land allocation.

ACUD has not yet received any payments from the concerned bodies in this district and prices stand at $400 per sqm. 

Three African countries covet to transfer Egypt’s experience in the implementation of NAC and are eager to establish a similar administrative capital in their homelands, notably Tanzania and South Africa.

What is the situation of infrastructure development in NAC?

The ACUD has completed 60% of the first phase of the New Capital infrastructure which spans over 40,000 feddan. A total of 17,000 feddan were sold for EGP 272bn to be paid in installments over four years.

In case of obtaining the ministerial approval and the companies did not begin construction works, what does the ACUD do in this case?

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

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

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.

What are the updates of the ACUD’s negotiation with Emaar Misr?

The company’s negotiations with Mohamed Alabbar [Chairperson of Emaar Misr] stopped completely because the ACUD was not satisfied with the offer. The land that Alabbar was negotiating was sold to an Egyptian investor.

Do you plan to borrow from banks?

The ACUD will not borrow from banks. The financial position of the company is very strong. The company has accounts in more than 20 domestic and foreign banks, where the company’s profit reaches EGP 2bn year-over-year.

Do you plan to offer the company on Egyptian Exchange (EGX)?

The company has no intention at all to offer its shares on the EGX. Accordingly, the company’s financial position is very strong, and we do not need to have shareholders. If the company needs more funds, it would offer new lands to get sufficient liquidity for infrastructure development.

What are the updates regarding Talaat Moustafa Group’s request to obtain a 5,000-feddan in the NAC?

The ACUD has refused the request due to disagreement on the price of land.

What is the percentage increase of land prices in the NAC project?

The pricing committee at ACUD meets every six months to specify the increase in prices. I expect an increase of 10-15% in prices in the coming six months as well as, further increases after opening the governmental district and presidential palace, and operation of monorail and electric train. The first offering price for residential areas was EGP 2,100 per sqm, however, it currently reached EGP 4,000 per sqm. Meanwhile, it reached EGP 15,000 and EGP 40,000 per commercial sqm instead of EGP 5,000. Furthermore, the ACUD has sold lands for EGP 2,100 per sqm for the Ministry of Communications at the Knowledge City.

What are updates of the medical city in the NAC?

The company has received several offers to invest in the medical city, namely a request from a Saudi investor to have an integrated medical project on 120 feddan and another from an Egyptian investor on an area of 150 feedan.

How many contractors are working in the NAC project?

There are more than 40 contracting companies working in the NAC with total construction contracts worth approximately EGP 50bn.

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IWAN to deliver 3 projects in 1Q20 https://ww.dailynewssegypt.com/2019/08/06/iwan-to-deliver-3-projects-in-1q20/ Tue, 06 Aug 2019 13:30:40 +0000 https://www.dailynewsegypt.com/?p=704609 “I expect demand to continue to grow at historical high rate of 12%,” says IWAN CEO

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IWAN Developments has launched the second phase of The Axis, a modern residential complex built over multiple terraces with a focus on landscaping, CEO of IWAN, Waleed Mokhtar, told Daily News Egypt.

Daily News Egypt interviewed Mokhtar to learn about his company’s plans, the transcript for which is below, lightly edited for clarity:

What are the updates regarding the company’s projects in West Cairo?

We are still in the designing phase of the project and will announce its details once we launch it in the fourth quarter (Q4) of 2019.

What is the company’s expansion strategy in the coming period?

Normally, we focused our investments in Sheikh Zayed City, where we have established a good reputation as a developer, and have become known for providing value-added solutions. Recently, we have decided to expand into other areas, including West Cairo and Ain Sokhna. This decision is always subject to finding the right location. As a company, the location is of great significance.  Therefore, finding a land plot that is suitable for development in West Cairo was one of the reasons that we are moving ahead with this strategy of expansion.

What products does the company intend to provide in the coming period?

We launched the second phase of The Axis, a modern residential complex built over multiple terraces with a focus on landscaping. In general, this project was developed with an eye to complimenting landscape rather than landscape that is added to the development itself.

What’s the company’s delivery plan?

We are actually very much on track in the delivery of our projects since the day we started as it is a matter of pride for us that to date we have been able to deliver on time. By Q1 of 2020, we will deliver a number of projects, including Jedar, Atrio, and Alma.  It’s an extremely ambitious mission, but we are confident of our ability to deliver on time.

When will the company begin construction works in the West Cairo project?

We aim to finalise the project’s design and will launch it once it’s done. We will have greater clarity on timelines soon.

What are the update regarding the company’s project in the Red Sea?

Once the design concept is finalised, we will launch the project officially.

Coastal areas in Egypt are transforming into first homes and there is a great demand by Egyptians on these areas specially the North Coast, Alamein, Hurghada, and Ain Sokhna. How do you see this?

Well it makes absolute sense. Worldwide migration patterns are the same. Owning a first home on the coast is usually more desirable than owning a home in a city and as a result those homes come at a higher price. With the addition of fourth generation cities the potential for finding fulltime employment in those areas will increase so it makes sense that people buy there knowing that the price will increase even further in the future. This is especially true of Sokhna since you have the Administrative Capital only half an hour away and you have Galala city and Suez which will create an incredible amount of job opportunities. I expect that especially Ain Sokhna will benefit from this relocation.

How do you see the market in the coming period? And will it experience such increasing demand?

I think Ain Sokhna will see a boom, followed by the North Coast. This will happen once there is visible movement in the New Capital City, meaning that businesses will move in and people start relocating. So initial phases of most projects to be launched will probably be within the range of normal market growth dynamics, but second phases and onwards will really pick up there.

What is the company’s plan to export real estate? And what is the foreigners’ share of the company’s sales?

We are a company that serves a very niche type of clients; most of our foreign buyers come through referrals.

How do you see Egypt’s real estate market? And what is your expectation for real estate prices after fuel price hike?

By 2030, about 40 million people will enter the workforce in Egypt. While this will put add pressure on the government to create new job opportunities, from a real estate perspective those are at least 20 million new customers coming into the market, customers who want to go shopping, who need offices to work, clubs to spend time at, places to eat, schools and hospitals and of course places to live. Moreover, the demographics will probably also change.  People will move out of Cairo with new opportunities in the many new cities around Egypt, urban migration will not be focused anymore coming into Cairo but moving to new cities so people will become more mobile and while they will continue to value a home in their city of birth because this is the nature of our society and thinking, rents will be on higher demand especially rents for smaller and medium-sized apartments to accommodate young people who move to their jobs and younger families. In general I expect demand to continue to grow at historical rates of 12% which is already very high, and I expect investment to focus on coastal areas and smaller sized apartments in prime districts close to business centres.

Regarding price hikes, I think it depends on the developer and how much of the additional cost he can absorb. While most developers will try to keep prices within the affordability range, especially given the last two years of price hikes, I expect there will be some impact but more in the range of low single digits.

Unlike all expectations that the real estate market will slow down in 2019, the sales witnessed a boom during the first half (H1) of 2019. Please explain why? And what are your expectations for H2 of the current year?

Demand has not changed significantly, most people see the last years as a boom in sales but that is because they look at the market in terms of value.  Of course, there was an increase in terms of quantity but not to double and triple figures that we hear about.  But as a result of this boom a large number of new players entered the market, this in its own way is healthy because it forces developers to provide better products for their customers, however the number of buyers remains the same only distributed on a larger number of players.  So, while the overall market will continue to grow in line with historical trends on an individual level, we will see smaller developers and even some larger ones that will have a slowdown in sales. Since prices of units will not decrease because cost, for obvious reasons, is not decreasing, the developers that will succeed are those that have well balanced finances and are well established in the market.

How do you see developers’ participation in foreign exhibitions? And do you think that this strategy works in promoting Egypt’s property export?

Yes, absolutely but this is a long-term strategy. We need to be on ground to promote our products, but this kind of activity takes time to build up, so yes, it is important. But it cannot be done alone, in addition to that we need an international campaign that focuses on promoting Egypt as an investment destination, those can be through general media or social media or simply through events. But exhibitions are only part of that overall strategy.

In your opinion, what are the hottest areas in demand for real estate in Egypt and why?

First homes will always remain a hot demand in our market simply because we culturally tend to invest in real estate and because we have a preference towards ownership rather than rent, not because rent is undesired in Egypt, in fact according to statistics, 36% of Cairo’s real estate is rented which is a huge number, especially when one considers that return on rent is 10%. But in any case, demand for first homes will remain highest in Cairo because that is where most of the population is, as time progresses this will continue as the largest city in Cairo. Ain Sokhna, I believe will also witness large growth because of the nature of the location.

Do you see the launch of mega real estate projects by the government would improve economic performance?

It’s pure economics. The government spending has traditionally improved economic performance whether that is through megaprojects or something else.

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Pyramids to start offering units of NAC’s Paris Mall soon: chairperson https://ww.dailynewssegypt.com/2019/08/06/pyramids-to-start-offering-units-of-nacs-paris-mall-soon-chairperson/ Tue, 06 Aug 2019 09:00:07 +0000 https://www.dailynewsegypt.com/?p=704567 Company's investments in NAC reached approximately EGP 6bn, says El Kholy

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Pyramids Developments is building four large commercial malls in the New Administrative Capital (NAC); Paris Mall, La Capitale, Champ Elysees, and Grand Square.

Pyramids is specialised in the establishment and management of commercial malls and residential compounds, said Hisham El Kholy, chairperson of Pyramids Developments.

El Kholy told Daily News Egypt that the company is close to offer some administrative units of Paris Mall soon, with total area of 6,000 sqm.

What are the updates of Paris Mall?

Pyramids Developments has begun implementing the construction works in its commercial mall, Paris, in the New Administrative Capital in early July.The new mall will be built on an area of over 32,600 sqm.

Additionally, the company achieved EGP 800m sales from Paris Mall within only 15 days after its launch.

When will the company offer administrative units in the project?

I expect that the commercial units of Paris Mall will be sold out within the next few days as customers become aware of the importance of the mall’s location within the NAC as well as its distinguished services. The mall is located within the largest residential complex in front of the Olympic Village.

We are close to offer some administrative units of Paris Mall soon, with total area of 6,000 sqm.

How much is the value of Paris Mall’s investments?

The Paris Mall investments are worth EGP 2bn.The mall comprises of commercial, administrative, and clinic units with 0% down-payment and instalments over 15 years.

Hisham El Kholy, chairperson of Pyramids Developments

What is the value of the company’s investments in NAC?

Our investments within the New Capital reached approximately EGP 6bn. We began with La Capitale compound and La Capitale Mall inside the compound. Then the company launched its first administrative, medical mall inside the NAC, Grand Square Mall, with investments of EGP 750m. We then established Champs Elysees Mall within central business district (CBD) in the NAC, and finally Paris Mall, the largest in the New Capital. The company provided its clients with unique offers, most notably was facilitation in paying the down-payment and long instalment periods after delivery.

When will the company deliver Grand Square Mall?

Grand Square is the first mall with commercial, administrative, and medical units in the CBD with total investments estimated at EGP 750m. The mall spans over 7,800 sqm and will be completed and fully delivered by the end of 2020, according to the plan set by the Administrative Capital for Urban Development (ACUD).

It worth mentioning that the mall was designed at modern French style, comprising of eight floors, including a ground floor, for mixed-use purposes, where the first and second floors allocated for shops, the third floor for medical clinics, the fourth and fifth are for administrative offices, while the sixth and seventh floors will be a hotel. The mall is distinguished by its unique location in the CBD, located directly opposite the presidential palace, the cabinet headquarters, and the governmental district, and next to the parliament. Moreover, the mall is being surrounded by universities and entertainment areas in this vital region, which the company expects it would double the investment value of the mall.

What is the value of La Capitale residential project investments?

The company is developing the La Capitale project in the NAC on 12 feddan with total investments of EGP 1.5bn. The project’s built-up area does not exceed 22% of the total project’s area, and will be delivered fully finished.

What is the company’s expansion plan?

The company’s plan to launch projects in various sectors, whether real estate, industrial, or commercial, is a natural result of the improvement of the investment climate in Egypt. Additionally, it is evidence that the market has enjoyed many promising opportunities in light of the political and security stability in Egypt recently, which motivates any investor to pump more investments. Moreover, our expansion plan was within the company’s objectives before operating in the Egyptian market.

The company intends to begin construction works in two new projects in the second half (H2) of 2019. The first is an international tourist project in a French-Spanish partnership on an area of ​​165 feddan, and the second is a tourism project in 265 km in the North Coast on an area of ​​225 feddan. Furthermore, the company has completed the construction of a model school in the city of Mahalla, Gharbeya governorate, in addition to the construction of two international schools in the NAC, the first is on an area of ​​9,665 sqm in the R3 district and the second is on an area of ​​8,500 sqm on the Green River.

The company also plans to establish serviced apartments in the Fifth Settlement, New Cairo. Moreover, we are studying the implementation of a giant industrial project in 10th of Ramadan City. Over and above, the company soon will announce its cultural project to be the first of its kind in the NAC.

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35% of Tower Bay’s first phase to be completed year-end https://ww.dailynewssegypt.com/2019/08/06/35-of-tower-bays-first-phase-to-be-completed-year-end/ Tue, 06 Aug 2019 06:00:49 +0000 https://www.dailynewsegypt.com/?p=704555 Company develops EGP 700m commercial administrative project in New Cairo

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Tower Developments aims to complete 35% of construction works in residential buildings of the first phase of Tower Bay project in Port Said by the end of the year, Ahmed Lashin, the company’s CEO, said.

Tower Bay is being built on 102 feddan over four phases, Lashin added, noting that it is scheduled to complete the whole construction work of the project’s first phase by 2022.

Lashin revealed that the project’s investments reached EGP 5bn, plus EGP 1bn for a 5-star hotel inside the project, stressing that the project is self-financed.

The company has marketed 30% of the first phase with EGP 500m contractual sales, he said

 

He added that the hotel, comprising of 215 rooms, will be managed by Hilton Hotels and Resorts, and the company will begin its construction next summer.

“Tower Bay is a quantum leap in real estate and tourism investment sector in Port Said, which aims to enhance the status of the governorate on the global and regional tourism map, thus contributing to supporting national economy,” Lashin said.

Additionally, the company is developing a commercial administrative project on a total area of ​​13,000 sqm in New Cairo. The project’s construction works have been completed and the company will start the internal and external finishes within a few weeks.

Moreover, the company studies investment opportunities in the New Administrative Capital, New Mansoura, New Alamein, and New Damietta, he concluded.

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Beta allocates EGP 250m for construction works in 2H19 https://ww.dailynewssegypt.com/2019/08/05/beta-allocates-egp-250m-for-construction-works-in-2h19/ Mon, 05 Aug 2019 16:39:03 +0000 https://www.dailynewsegypt.com/?p=704473 Company mulls new development project in September

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Beta Egypt for Urban Development plans to direct EGP 250m for the construction works of its projects during the second half (H2) of 2019, according to Alaa Fikry, chairperson of the company.

Fikry told Daily News Egypt that the company is currently seeking building permits for Beta Green New Cairo project in Mostakbal City.

Daily News Egypt interviewed Fikry to learn about the updates of the company’s plans, the transcript for which is below, lightly edited for clarity:

What are the updates regarding Beta Green New Cairo?

Beta Egypt for Urban Development is currently seeking building permits for some buildings in Beta Green New Cairo in Mostakbal City. The company plans to increase implementation rates by the end of third quarter (Q3) of the current year.

Tells more about Beta Greens New Cairo

The project is built on an area of 85 feddan in Mostakbal City, New Cairo, and is being implemented over six phases with initial investments of EGP 6bn.

The company intends to implement the first phase of the project early next year, which includes about 500 housing units with total initial investments of about EGP 1bn, out of a total of EGP 6bn for the whole project. The total project includes 3,000 housing units, which include 100 villas, and the other units are apartments of different sizes. The built-up area represents only 20% of the whole project. The first phase will be delivered in 2021.

How much is the project’s total investment?

The project’s total investment exceeds EGP 5bn.

What is the project’s sales situation?

The company has managed to market 40% of the total project’s units and will be developed within three years.

What are the projects that the company is currently developing?

We are currently developing two commercial centres in the Sixth of October City and we are close to completingone of them in preparation for inaugurating one of them next Ramadan. Therefore, we are working on completing their construction works in the coming six months.

How much investments Beta is directing in H2 of 2019?

We plan to direct EGP 250m investments in our projects; in two commercial centres in the Sixth of October City, and begin construction works in Beta Green New Cairo project.

Are there any new projects the company would announce in the coming period?

We plan to launch a new huge project and we will announce the details in September.

How do you see investment opportunities in Mostakbal City?

The presence of many real estate developers at Mostakbal City provides strong competition between companies to deliver products of the highest quality and best prices. The distinguished location of the city in east Cairo is an added value for investments.

What is your expectation regarding real estate prices?

I do not expect an increase will happen in H2 of the current year, despite the increase in fuel prices due to high competition in the market and high market supply exceeding demand. Moreover, there are some market pressures and commitments on developers because of the recent economic reforms undertaken by the government and stability in clients’ purchasing power.

How do you see the current situation in the real estate market?

Egypt’s real estate market is currently experiencing a relative balance between supply and demand which requires developers to exert more effort and innovate in providing different products to compete in the real estate market which sees severe competition by developers.

What are the problems the real estate market face?

The H1 of 2019 has seen low real estate sales compared to the same period last year. Additionally, interest rates of lands offered by the New Urban Communities Authority (NUCA) are currently very high, and the authority has to reconsider such interest rates to stimulate urban area development.

What is your opinion regarding the state’s real estate export strategy?

Exporting property represents a strong opportunity for real estate developers to benefit from the currency devaluation following the flotation, whether to Egyptian expatriates or to foreigners, which necessitates the need to provide distinctive real estate products capable of competing in global markets. In addition, we must design real estate units to meet the requirements of the target customers.

How do you see the partnership between developers and the state in developing social housing units?

The activation of the partnership between the ministry of housing and private sector developers in providing social housing units at the present time is important in the context of growing needs and the presence of a large segment of customers ‘ needs that the private sector does not meet in the light of recent price hikes. Additionally, the market has many companies with successful experience in cooperation with the state in producing housing units at a high level of quality at affordable prices suit for the largest segment of citizens.Furthermore, the presence of developers in the production of housing units at a price not exceeding EGP 400,000 per unit will reduce the waiting lists, which always exist as a result of the state alone bearing the burden of developing these units.

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Al-Wadi unveils new project in North Coast https://ww.dailynewssegypt.com/2019/08/05/al-wadi-unveils-new-project-in-north-coast/ Mon, 05 Aug 2019 14:13:55 +0000 https://www.dailynewsegypt.com/?p=704480 Company launched 4th phase of Agora Sidi Abdel Rahman project in mid-July, says Commercial Director

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Al-Wadi Tourism Investment and Real Estate plans to launch a new extension for Agora Sidi Abdel Rahman project in the North Coast on 10-feddan plot, the company’s Commercial Director, Ahmed Samir, told Daily News Egypt.

Samir said that the new extension’s units have a sea view and will be built on 16-21 sqm sea surface height.

The extension spans over 10 feddan, named Sky, with unit prices starting from EGP 550,000 for one-bedroom units, and EGP 850,000 for two-bedroom ones, Samir noted.

He revealed that the company has launched the fourth phase of Agora Sidi Abdel Rahman project in mid-July.

The fourth phase comprises of 100 units, he added, expecting to complete marketing the phase within six months with anticipated sales of EGP 300m.

He further disclosed that the company aims to deliver the fourth phase within three years.

“We have completed the second phase, as the company has accomplished 80% of the phase’s buildings and it will be delivered next year. We have also delivered the third phase two years ago,” he highlighted.

Spanning over 21 feddan, Agora is a residential tourism project comprising of 900 units and a hotel which includes 120 rooms, in addition to a commercial part of the project which is a mall located on an area of 21,000 sqm, Samir noted

Furthermore, Samir added that the commercial mall has been fully operated and includes several international brands to serve the project’s clients and the surrounding area.

“The commercial centre of the project encompasses several international brands, notably IKEA, which opened its second headquarters in Egypt and the first in the North Coast inside Agora on an area of 1,200 sqm,” he pointed out.

“Three phases have been delivered to our clients and have been operating for two years. The project runs efficiently during the summer season due to the integration of the project services and implementation of a large part of it,” Samir stressed.

He revealed that sales to foreigners in the Agora Sidi Abdel Rahman project constitutes about 10% of the project, a good share which the company seeks to increase in the remaining project units.

Additionally, he revealed that the company plans to capture new investment opportunities for next year in several areas identified by the company including Ain Sokhna and New Cairo and then West Cairo in the cities of Sheikh Zayed and the Sixth of October.

The commercial director projected an increase in the North Coast project’s prices to reach10-15% after fuel price hikes, pointing out that sales in 2018 were more than this year as marketers directed clients to invest in the New Administrative Capital, which slowed down sales in the North Coast and Ain Sokhna.

He explained that increased demand for commercial and administrative units is due to the high profit of such projects as they have three times the profit than residential projects. Moreover, developers ensure recurring revenue from those service projects. Additionally, there is a great demand by clients and real estate investors on these projects.

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MBG records EGP 300m in sales during Aqari exhibition https://ww.dailynewssegypt.com/2019/07/31/mbg-records-egp-300m-in-sales-during-aqari-exhibition/ Wed, 31 Jul 2019 07:20:06 +0000 https://www.dailynewsegypt.com/?p=704048 Company targets EGP 1bn sales in 3 months

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MBG Development has achieved EGP 300m sales during Al Ahram Real Estate Exhibition “Aqari” held on 25-28 July, according to MBG Chairperson Mahmoud Al Adl.

A large share of the company’s sales during the exhibition was in the Pukka Capital Walk, the company’s mall inside the Pukka project, Al Adl elaborated, adding that the mall has a strategic location in the New Administrative Capital (NAC), which contributed to the marketing of 50% of the mall.

Additionally, he pointed out that the mall features commercial, administrative, and medical units with different areas that are suitable for all activities.

“MBG targets achieving EGP 1bn in sales of the Pukka project in the NAC within the coming three months,” he said.

Al Adl revealed that that the company will achieve this amount of money through the company’s participation in local and foreign real estate exhibitions in August, September, and October.

MBG has launched the Pukka project for sale in February 2018 on 40 feddan, just 5 minutes away from the Green River and the British University and the new exhibition grounds (Expo), and only 10 minutes away from the diplomatic district in the NAC, he pointed out.

Pukka is being developed on four phases and will be delivered in 2022 with investments worth EGP 4bn.

Al Adl disclosed that the company has sold about 70% of the Pukka project, which includes more than 1,680 housing units on an area of 40 feddan.

In early March, MBG has contracted with EHAF Consulting Engineers to oversee the implementation of the Pukka project in the NAC. Furthermore, the company contracted with Raafat Miller Consulting (RMC) in order to develop the architectural plans and infrastructure for the Pukka project.

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Major S. Korean companies, embassy officials visit New Capital https://ww.dailynewssegypt.com/2019/07/30/major-s-korean-companies-embassy-officials-visit-new-capital/ Tue, 30 Jul 2019 07:00:44 +0000 https://www.dailynewsegypt.com/?p=703929 Korean investors keen to participate in Egypt’s megaprojects, says ambassador

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Embassy of South Korea in Egypt organised a visit for Korean businesspersons to the New Administrative Capital (NAC) on Monday to closely learn about the progress made in the NAC and to explore potential investments for Korean companies in the city.

Around five major Korean companies in Egypt took part in the visit, including Doosan Heavy Industries and Construction, LG Electronics, LS Cable and Systems, Posco International, and Samsung Electronics, Korean ambassador Yeocheol Yoon told Daily News Egypt.

Over the visit, the Korean side met with Ahmed Zaki Abdeen, chairperson of the Administrative Capital for Urban Development (ACUD), to discuss the possibilities of bringing Korean investments in the city.

Korea’s investments in Egypt are estimated at $570m, while Egypt’s investments in Korea are at about $16.7m.

The Korean investors are very keen to participate in Egypt’s megaprojects, at the foremost, the NAC, the ambassador mentioned, reassuring the Korean embassy’s support to Korean investors to inject new investments in Egypt, especially with the success of the economic reforms adopted by the Egyptian government.

The ambassador expected more Korean companies to invest in Egypt, highlighting the significant leap in the two countries partnership across various sectors.

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Castle launches EGP 450m Springfield in Castle Landmark https://ww.dailynewssegypt.com/2019/07/30/castle-launches-egp-450m-springfield-in-castle-landmark/ Tue, 30 Jul 2019 06:20:54 +0000 https://www.dailynewsegypt.com/?p=703932 New phase offers 238 unfinished units

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Castle Development announced the launch of Springfield compound, the third phase of Castle Landmark at the New Administrative Capital.

Springfield is developed in partnership with Misr for Central Clearing, Depository, and Registry (MCDR), on an area of 6 feddan. offers a total of 238 unfinished units, with spaces ranging between 120 and 285 sqm, to be delivered by 2022.

This phase will see an investment of EGP 450m, as well as special payment plans up to eight years.

Ahmed Mansour, CEO of Castle Development, said, “Apart from the variety of payment options, prices at Springfield range between 10,000 – 11,700 per sqm. Around 30% of our targeted customers make a purchase depending on unit prices. This phase offers less costly homes that align with customer priorities while providing access to the compound’s facilities and amenities.”

Castle Landmark, ideally located at the R7 site, covers a total land area of 43 feddan. The project’s convenient design incorporates barrier-free, fully equipped solutions installed in its infrastructure, allowing for trouble-free and practical movement. Adding to its unique value proposition, Castle Development contracted MIG, one of its sister companies, to carry out construction work for Castle Landmark, while Egyptian-German Oekoplan Engineering Consultations, was chosen to do the landscaping. Moreover, a partnership with international insurance company, MetLife Alico was established to provide a two-year insurance to all units.

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GV Developments unveils EGP 9bn White Sand project in North Coast https://ww.dailynewssegypt.com/2019/07/30/gv-developments-unveils-egp-9bn-white-sand-project-in-north-coast/ Mon, 29 Jul 2019 22:25:12 +0000 https://www.dailynewsegypt.com/?p=703919 Project to include largest commercial complex serving the entire area, says GV Commercial Director

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GV Developments launches EGP 9bn mixed-use project in North Coast, Managing Director at the company, Nasser El Mallah, said.

During in the project’s launching ceremony on Sunday, El Mallah said White Sand is the company’s first project in the real estate market in Egypt. It will be built on an area of 193 feddan and will provide residential, tourist, and commercial spaces, with a 750-metre waterfront area. About 82% of the total project’s area is allocated for green spaces.

The company’s strategy aims to provide residential, tourism, commercial, and safe investment solutions in environmentally friendly communities that meet the highest international standards,” added El Mallah.

“The company is keen to be part of the strategic plan adopted by the Egyptian state to develop the North Coast, which aims at creating new job opportunities.

The Commercial Director of GV Developments, Lamia El Sharkawy, said, “The White Sand project is the first real estate project of GV and presents a new perspective on the concept of coastal resorts in Egypt through its vital location and its ingenious design, where the aquatic nature is the main element.”

El Sharkawy added that the development includes the largest commercial service complex serving the project and the entire area, in addition to the various models of residential units, including villas, twin houses, chalets, and studio units, with spaces from 54 to 347 sqm to meet all residents’ needs, in addition to providing required utilities.

Moreover, the project includes 22 swimming pools, three lakes, restaurants, coffee shops, a clubhouse, a fitness center, and a unique spa, all of which are carefully distributed throughout the resort, she elaborated.

Additionally, the company announced its plans in the coming period to invest in a number of new projects in several regions, including New Cairo, Sixth of October City, Giza, Upper Egypt, Delta, and coastal governorates. The company also intends to establish an integrated industrial city.

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Next Home achieves EGP 1.3bn in sales of Next Point project https://ww.dailynewssegypt.com/2019/07/29/next-home-achieves-egp-1-3bn-in-sales-of-next-point-project/ Mon, 29 Jul 2019 16:50:08 +0000 https://www.dailynewsegypt.com/?p=703852 Mountain Plaza’s investment amounted to EGP 500m, says sales manager

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Next Home for Real Estate Development and Investment has achieved EGP 1.3bn in sales of its Next Point project since its inception last year, the company’s sales manager, Mostafa El Tounisy, said.

El Tounisy said in special statement that the company is launching the final phase of the project, which includes 1,000 units with various spaces in Maadi and East Cairo. The company plans to market this phase by the end of fourth quarter of this year.

He pointed out that the project is a 10-feddan residential compound comprising of 3,000 units with a payment plan of up to 10 years.

He further added that the project’s investment is worth EGP 1bn. The company intends to deliver the project within two years.

He further revealed that the company has completed marketing of Mountain Plaza project, which is located on an area of 3 feddan in Mokattam with a total of 700 units.

Mountain Plaza project’s investment amounted to EGP 500m and it is scheduled to begin its delivery within six months.

The company plans to expand in New Administrative Capital and North Coast with an expected area of 100 feddan.

   

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Edge Holding achieves EGP 1.5bn of New Capital’s OIA sales https://ww.dailynewssegypt.com/2019/07/29/edge-holding-achieves-egp-1-5bn-of-new-capitals-oia-sales/ Mon, 29 Jul 2019 16:45:45 +0000 https://www.dailynewsegypt.com/?p=703845 Mahmoud said that the OIA project is spread over 30 feddan in the New Capital, composed of only 20% of building areas, which include 1,300 units.

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Edge Holding achieves EGP 1.5bn in sales of its OIA project in the New Administrative Capital, according to the company’s head of commercial sector Karim Mahmoud.

Mahmoud said that the OIA project is spread over 30 feddan in the New Capital, composed of only 20% of building areas, which include 1,300 units.

The company has achieved EGP 500m in sales of the residential part of the OIA in the first half of 2019.

He pointed out that the company is targeting an additional EGP 1.5bn in sales of the project during the current year, noting that the company has paid 50% of the value of the land to the Administrative Capital for Urban Development company.

Mahmoud explained that the company is planning new expansion opportunities in the North Coast and New Alamein.

About 40% of the company’s sales to Egyptians expatriates are mostly the result of exhibitions in which the company participated abroad and amounted to about $180m since the beginning of 2019, the company noted in previous statement.

Moreover, the company showcased new offers during the period of Al Ahram Real Estate Exhibition-Aqari with discounts of up to 10% and a payment system includes 0% down-payment and payment plan over eight years, he concluded.

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SUD to begin construction works in New Mansoura’s The Pearl early 2020 https://ww.dailynewssegypt.com/2019/07/29/sud-to-begin-construction-works-in-new-mansouras-the-pearl-early-2020/ Mon, 29 Jul 2019 16:11:32 +0000 https://www.dailynewsegypt.com/?p=703846 Company marketed 30% of its sales abroad through its two branches in Austria, Paris, says marketing director

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Safwa Urban Development (SUD) plans to begin earthworks in The Pearl project in New Mansoura early next year, according the company’s Marketing Director Ahmed Amer.

Amer said that The Pearl is an integrated urban development project built on 60 feddan with a 520-meters sea front and comprises 2,200 units, large commercial mall, social club, and 5-star hotel.

The project’s masterplan is being developed by DMA for Design and Engineering Consultancy, he noted, pointing out that the company has applied for obtaining ministerial approval for the project development.

“After the success in completion of selling the first commercial mall in the New Capital (NAC), dubbed Capital Hub, SUD is launching its 4th project in the New Capital HUB 2. The project is the first commercial mall comprises 170 shops with a ‘free flying centre’ and a 4D Cinema Complex, with 10% down payment and six years installment period,” Amer pointed out.

Additionally, the company is developing Capital Heights 1 is the first project to join SUD family in the NAC on 50 feddans. Meanwhile, Capital Heights 2 is one of the latest projects of SUD and its second project in the NAC, with residential area on 250,000 sqm, sportive club on 50,000 sqm and a commercial hub with an area of 30,000 sqm.

He explained that the company has two branches in Austria and Paris through which the company has marketed 30% of its sales abroad.

The total projects portfolio of the company reached 25 projects as the company has delivered 19 projects and six projects are underway, he elaborated.

The company has showcased special offers during the period of Al Ahram Real Estate Exhibition-Aqari includes finishing units free of charge and payment periods of up to seven and a half years.

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Mardev Developments invests EGP 2bn in Menorca Residence in New Capital https://ww.dailynewssegypt.com/2019/07/29/mardev-developments-invests-egp-2bn-in-menorca-residence-in-new-capital/ Mon, 29 Jul 2019 15:04:49 +0000 https://www.dailynewsegypt.com/?p=703795 Company's total investments amounted to approximately EGP 36bn

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Ibrahim Zahran, general manager of Mardev Developments, said that his company is implementing Menorca Residence project in the New Administrative Capital with investments of EGP 2bn.

Zahran added that the project is built on 17.5 feddan and comprises of 17 buildings with a building rate of 19%. The units’ spaces range between 115 and 254 sqm, with prices ranging between EGP 8,000 and EGP 12,000 per square metre.

He pointed out that 15% of the project has been marketed since its launch in May. It includes three phases, and the company plans to deliver the project in 2022.

Additionally, Menorca owns two commercial malls in the New Capital’s Asgard Mall and Sky Light Mall.

“The company has received the project’s land and the ministerial approval for the project’s development is underway,” he elaborated, revealing that the the company’s total investments since its inception in the market amounted to approximately EGP 36bn.

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Arkan negotiates with NUCA to build 15-feddan urban development project https://ww.dailynewssegypt.com/2019/07/29/arkan-negotiates-with-nuca-to-build-15-feddan-urban-development-project/ Mon, 29 Jul 2019 15:01:20 +0000 https://www.dailynewsegypt.com/?p=703840 Project comprises of 30 commercial units, 70 administrative units

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Arkan for Construction and Real Estate intends to implement a new urban development project on 15 feddan in Sixth of October City, West Cairo in the coming period, according to the company’s Chairperson Emad Essa.

Essa said that the company is currently negotiating with the New Urban Communities Authority (NUCA) to acquire the plot of land on direct allocation system. The new system that the government has approved recently to allocate lands to developers in a very short time and also through city authorities.

Negotiations with NUCA focused on the price and methods of payment, he elaborated, expecting the approval will be obtained in the near future, he noted.

Furthermore, the company has acquired a 2,000-square-metre plot of land was purchased in Sheikh Zayed city, West Cairo to implement an administrative project.

Essa said that the project comprises of 30 commercial units and 70 administrative units, with investments of EGP 65m.

Essa pointed out that the project’s designs are currently being implemented and is scheduled to be launched within two months from now.

The company plans to begin the project implementation in the beginning of the next year and will be delivered within a year and a half, he noted.

Additionally, he revealed that the company has sold 60% of Jessy Hills mini-compound in Sixth of October city since its launch in March.

Essa highlighted that the company is currently offering three residential buildings at the Sixth of October Northern Expansions.

Arkan has participated in the annual Real Estate Exhibition organized by Al-Ahram from 25 to 28 July.

Arkan has offered discounts on its projects during the exhibition period, including a deduction up to EGP 500 in the price of square metre, extension of payment period from five to seven years, and reduction of down payment from 50% to 25%.

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Concept to deliver Siela North Coast by year-end https://ww.dailynewssegypt.com/2019/07/29/concept-to-deliver-siela-north-coast-by-year-end/ Mon, 29 Jul 2019 14:44:54 +0000 https://www.dailynewsegypt.com/?p=703837 Siela project is built on an area of 10 feddan in the Kilo 57 Alexandria/Matrouh road. It includes 600 chalets with spaces ranging from 50sqm to 120sqm with a construction rate of 28% along with a range of services, as well as commercial and administrative units.

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Concept Real Estate Group plans to deliver Siela North Coast project by the end of this year, according to the company’s Chairperson Ehab Abou El Magd.

Abou El Magd said that the company plans to develop a similar project in North Coast as the company is currently studying the legal situation of the offered lands and will decide by early next year.

Siela project is built on an area of 10 feddan in the Kilo 57 Alexandria/Matrouh road. It includes 600 chalets with spaces ranging from 50sqm to 120sqm with a construction rate of 28% along with a range of services, as well as commercial and administrative units.

Abou El Magd said that the project is being developed on three phases, noting that the company’s sales to foreigners and Arabs accounted for about 10% of its total sales.

He disclosed that the New Alamein city will receive great attention from customers abroad, under the strong support of the state and its planning globally, as well as the city comprises outstanding projects such Alamein skyscrapers.

He added that the New Alamein city will receive a great demand by customers abroad, under the support of the state to this mega project, which comprising a group of outstanding projects such as Alamein Towers, stressing that projects in North Coast are the most acceptable for property export for non-Egyptians.  Accordingly, his company has managed to market 10% of the project’s units to non-Egyptians.

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Landmark, SAK establish JV to implement Elite New Capital https://ww.dailynewssegypt.com/2019/07/29/landmark-sak-establish-jv-to-implement-elite-new-capital/ Mon, 29 Jul 2019 14:33:21 +0000 https://www.dailynewsegypt.com/?p=703834 Shady Said, chairperson of Horizon, said in a press conference that Elite New Capital introduces a new and special thinking for commercial and administrative projects in plot number A3 in MU23 in New Administrative Capital.

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Landmark for Realestate Investments and SAK Developments have established a joint venture (JV) company, called Horizon, to manage partnership project between the two sides in the New Administrative Capital.

Shady Said, chairperson of Horizon, said in a press conference that Elite New Capital introduces a new and special thinking for commercial and administrative projects in plot number A3 in MU23 in New Administrative Capital.

Said added that project’s building permits are being completed, and the project is due to be delivered in 2022.

He noted that the company aims to achieve sales of project estimated at EGP 150m during 2019.

He added, “The cooperation between the two sides came to benefit from the expertise enjoyed by both companies to produce a distinguished project capable of meeting customer demands and competition in the New Administrative Capital.”

The project comprises two buildings, which includes 48 commercial units, 182 office and medical units, meeting rooms, cafés, gyms and parking spaces.

“The new administrative capital project stimulated real estate developers to implement residential, administrative and commercial projects in accordance with international standards to suit the vision of the state in creating an integrated, intelligent urban society that competes with the world’s largest cities,” Said noted.

“I believe that the new administrative capital to become the ideal residential, administrative and commercial location, with an estimated population 5 million people.”

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BTL House designs, establishes 4 companies’ pavilions in Aqari Exhibition https://ww.dailynewssegypt.com/2019/07/25/btl-house-designs-establishes-4-companies-pavilions-in-aqari-exhibition/ Thu, 25 Jul 2019 16:42:00 +0000 https://www.dailynewsegypt.com/?p=703515 The contracts included the implementation of pavilions for First Group on 184 sqm; Edge Holding for Urban Development on 180 sqm: Residence Development on 162 sqm, and Style Home on 128 sqm. 

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BTL House has designed and implemented four pavilions for real estate companies participating in the Al-Ahram Real Estate Exhibition-Aqari, which kicked off on Thursday and will end on Sunday, with the participation of a large number of real estate companies.

Tamer Moustafa, CEO of BTL said, “BTL has designed and established the pavilions with a total area exceeding 650 sqm, including furniture, advertising means, and more.

The contracts included the implementation of pavilions for First Group on 184 sqm; Edge Holding for Urban Development on 180 sqm: Residence Development on 162 sqm, and Style Home on 128 sqm.

Additionally, the company also designed and implemented the pavilion of the Real Estate Development Chamber at the Federation of Egyptian Industries at the exhibition, Moustafa revealed.

Furthermore, Moustafa pointed out that the work’s design and preparation of the wings took between 15 to 30 days as per the processes that were manufactured within the company’s factories, which is cost effective while ensuring quality and the required speed.

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