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.