Real Estate – Daily News Egypt https://wwww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Sun, 15 Dec 2019 07:30:17 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Egypt’s housing ownership sets world record high, as 67% of population own apartments https://wwww.dailynewssegypt.com/2019/12/10/egypts-housing-ownership-sets-world-record-high-as-67-of-population-own-apartments/ Tue, 10 Dec 2019 13:00:52 +0000 https://wwww.dailynewssegypt.com/?p=716175 On the rent system, Hawk said that according to a survey conducted on 10,300 Egyptian families, of whom 25% live in housing units with old rent contracts, and 12% live in housing units with new rent contracts. About 12% of the participants in the survey are outside Cairo.

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About 67% of Egyptian families own housing units, which is one of the highest rates of housing ownership in the world, said Maria Hawk, Regional Director Secondary Schools & Board Development at the World Bank.

She added that Cairo is one of the largest cities in the world in regard with housing units owned by individuals, recording 60%.

On the rent system, Hawk said that according to a survey conducted on 10,300 Egyptian families, of whom 25% live in housing units with old rent contracts, and 12% live in housing units with new rent contracts. About 12% of the participants in the survey are outside Cairo.

According to a study conducted by the Ministry of Housing; the Central Agency for Public Mobilization and Statistics; and the World Bank, the average new rent contract reaches EGP 650 per month, while the average old rent contract is only EGP 50 per month.

Moreover, CEO of Mortgage Finance Fund (MFF) Mai Abdel Hamid said, during a Monday press conference, that families living in houses with new rent contracts allocate 22.5% of their income for the rent, while those living in houses with old rent allocate only 3% of their income for the rent, according to the study conducted on a number of citizens within the social housing programme.

She elaborated that only 10% of Egyptians prefer renting housing units, and 27.2% prefer living in new cities, with the most in demand cities are Badr, Shorouk, Obour, and New Cairo.

The study revealed that the majority of the participants in the survey prefer old rent contracts, which are found mainly in rural areas, and the average rent is EGP 761 monthly.

Hawk noted that “the number of citizens who change their places of living is very small.”

“40% of families lived in their houses for 20 years and have no desire to move,” according to the study.

Hawk elaborated that most of the Egyptians prefer to live near their families, representing 47% of the population.

Abdel Hamid noted that the demand for housing is not calculated by the people’s desire to buy, but the availability of the main determinants of purchasing, namely the income level.

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ACUD to complete lands sales in NAC’s first phase by July 2020 https://wwww.dailynewssegypt.com/2019/12/10/acud-to-complete-lands-sales-in-nacs-first-phase-by-july-2020/ Tue, 10 Dec 2019 08:15:39 +0000 https://wwww.dailynewssegypt.com/?p=716191 Shoura council building is being designed to be ready after elections, says ACUD chairperson

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New Administrative Capital’s (NAC) has sold 17,500 feddan from the 24,000 feddan offered for sale – excluding the landscape, infrastructure etc which make up 16,000 feddan – Magdy Amin, head of Real Estate Sector at the Administrative Capital for Urban Development (ACUD) said.

He added that the remaining 6,500 feddan will be marketed until July 2020.

The Egyptian government is planning to move all ministries and agencies in June 2020 to the NAC. The Government District’s development process exceeded 70% and they are currently working on the interiors of the ministry buildings.

Additionally, the infrastructure’s completion of the Government district will be complete in April 2020.

ACUD is the owner and developer for the NAC in Egypt and is located 35 km east of Cairo with a total area of 170,000 feddan.

Daily News Egypt sat down with leaders of the ACUD to learn more about the development process at the new capital project.

Ahmed Zaki Abdeen ACUD’s chairperson said that they are preparing designs for the Shura Council to move to the NAC.

Abdeen added that the company is ready to offer lands in mixed use areas in the NAC after the operation of the government district at twice the current meter price.

Furthermore, ACUD’s spokesperson Khaled El Hosseini, said that prices per square metre jumped by approximately 150% since the first offering.

What are the updates in the Green River area in the NAC project?

Abdeen: The Green River area spans over a total of 1,660 feddans, out of which 1000 feddans have been reserved for green areas and 660 feddans for mixed-use activities. The mixed-use areas are currently being developed and marketed through the New Urban Communities Authority (NUCA). The NUCA is responsible for developing the area’s infrastructure and offering lands for developers as well as managing the projects within the Green River area.

How much is the price per metre that the ACUD plans to offer the NUCA?

Abdeen: The NUCA has bought the square metre in Green River with EGP 2,100.

What is the update regarding the MU4 and MU7?

Abdeen: The MU4 and MU7 zones are specialised for mixed-use commercial, administrative, and medical projects. We have offered very few plots of lands in these two areas. Additionally, we do not intend to offer lands in this area in the current period; however, we plan to offer lands in the two areas after the Government District’s operation which includes all ministries and government agencies, as well as the presidency and parliament, with doubled price per square metre compared to the current price.

How much is a square metre in these two areas?

Abdeen: The price per square metre reached EGP 15,000 and depends on the height of the project’s buildings, as every extra additional unit over seven floors means a 5% increase in price of the square metre for investors, and can reach approximately EGP 40,000 and EGP 45,000.

How many companies have paid the 2% serious reservation and not the 20% down-payment yet?

Abdeen: There are about five or six companies that haven’t paid the 20%. This means that they are not developing in the mixed-use areas until they the 20% and sign a contract.

When will the ACUD officially offer lands for developers in the mixed-use areas?

Abdeen: The company is ready to offer lands in mixed-use areas in the NAC after the operation of the government district at twice the current metre price.

Are you ready to transfer all governmental agencies to the NAC in June 2020?

Abdeen: Yes, we are. The political leadership is very keen on moving the ministries and agencies in time. However, the parliament will move in 2021 due to the beginning of the new legislative session of parliament in 2021. The building is huge and still in need of a lot of work. Moreover, the ACUD is preparing designs for Shura Council to be in the NAC.

Which operator is going to provide technological services in the project?

Abdeen:Telecom Egypt will manage and provide technological services and support in the NAC through an usufruct contract for 25 years.  Moreover, last week, we signed an agreement with Etisalat Misr to provide technical services for the NAC. Etisalat Misr won the tender for the supply, implementation, and operation of city management systems in the NAC to provide technological services and technical support within the new capital. Accordingly, we will sign another agreement with Orange in the coming period.

When will the joint venture with Electricité de France (EDF) and German Dorsch Group be established?

Abdeen: We are currently finishing the procedures of establishing the joint ventures with the operators and service provider in the NAC projects. In mid-January, three joint ventures will be established with EDF to provide electricity service and Dorsch to provide water and irrigation services as well as, another French service provider company in gas services.

What are some areas that the company is currently working on?

Amin: We are working on developing infrastructure in two areas, MU4 and MU7 inside R2 and R3 in the first phase of the NAC project. MU4 is overlooking the Green River and MU7 is close to CBD. Each MU is divided to approximately 50 plots of land with sizes ranging between one feddan to five or six feddans and allocated for business towers from 15 to 80 floors.

How many developers are working in MU4 and Mu7?

Amin:There are 17 developers, two of which have received lands in these areas.

How much is the price per square metre in MU4 and MU7?

Amin:We offer square metre with prices starting at EGP 20,000 according to the building’s height and place.

What is the size of lands that have been sold out?

Amin:The total area for sale in the first phase of NAC project is 24,000 feddans and the rest are roads and landscaping, out of which 17,500 feddans have been sold out. The other 6,500 feddans will be marketed until July.

Are there international operators or investors requesting land?

Amin: We have several requests to know more about investment opportunities and check lands in the NAC project. Therefore, we have a lot of discussions with other developers. Additionally, we are studying requests by 18 investors to acquire lands for residential and mixed-use projects.

How many developers are working in the NAC?

Amin: We have about 300 developers.

How many ministerial approvals have been issued for developers in the NAC?

Amin: We have issued more than 50 ministerial approvals.

What is the aim beyond contracting with EDF France to provide electricity service?

El Hosseini: We aim to provide services with minimum loss of electricity which is currently estimated at 35%, and  we want to reach 7%.  EDF France will also provide online and smart solution to supply the NAC’s residents with electricity services. This system is to be implemented with high techniques and solid infrastructure.

Do you have any requests from international institutions to acquire lands for headquarters in the Diplomatic Area?

El Hossieni: The African Export–Import Bank (Afreximbank) requested a land area of 110,000 square metres (sqm) divided into two plots, the first in the diplomatic district with an area of 50,000 sqm to establish housing for the bank’s employees at a price of $400 per sqm, and the second with an area of 60,000 sqm in the central business district to establish a headquarters for the bank and an African trade centre. The bank is seeking to establish an administrative tower with a height of 400 meters and includes 100 floors. The average price of a square meter of land in that area was $2500 per meter depending on the place.

What are the ACUD’s activities in promoting the NAC project?

El Hossieni: Last month, we have participated in an international exhibition in Barcelona, Spain at Fira de Barcelona to showcase countries’ experiences in establishing smart cities. Accordingly, we plan to participate in that exhibition next year to largely promote the project.

What is the percentage of increase in prices since the first offering to date?

El Hossieni: The prices hiked by approximately 150% since the first offering until now.

Do you receive requests by developers to expand the instalments of land value?

El Hossieni: We have already received very few requests by developers to not extend or increase instalment periods, but to pay the instalment in more than one payment, provided that they are adhering to a contracted period of time to pay the whole price of the land.

How many ministerial approvals are being issued?

El Hossieni: We are preparing to issue about 16 ministerial approvals for developers in the NAC. Additionally, we have issued 2203 building permits for projects.

Tell us more about the updates in the Government District?

El Hossieni: The development process of the Government District at the NAC exceeded 70% and currently we are working on interiors in ministries and it will move in June 2020. Additionally, the completion of infrastructure in government district will be completed in April 2020. The total cost of infrastructure in the government district is approximately EGP 40bn.

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Infrastructure development of NAC’s Green River to cost EGP 7bn https://wwww.dailynewssegypt.com/2019/12/10/infrastructure-development-of-nacs-green-river-to-cost-egp-7bn/ Tue, 10 Dec 2019 06:30:10 +0000 https://wwww.dailynewssegypt.com/?p=716127 Abbas added that the contracted company has been working in the Green River area for the past six months.

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The New Urban Communities Authority (NUCA) on behalf of the Ministry of Housing has assigned contracting companies to begin building the required infrastructure for the Green River in the New Administrative Capital (NAC), said Khaled Abbas, Deputy Minister of Housing for National Projects.

He told Daily News Egypt that the development cost of the 12-km-length Green River is approximately EGP 6-7bn.

Abbas added that the contracted company has been working in the Green River area for the past six months.

The first part of the Green River project will be built on an area of 100 feddan, and will be allocated for services projects.

He further revealed that the NUCA had paid approximately EGP 10bn for the infrastructure’s development in the first phase of the NAC.

He added that 90% of the city’s skyscrapers will be completed by 30 June 2020, as about 20 floors in 20 skyscrapers have already been built, adding “government employees of Cairo will move to work in the new capital by March 2020.”

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Karma launches INIZIO mall in NAC with EGP 500m investment https://wwww.dailynewssegypt.com/2019/12/04/karma-launches-inizio-mall-in-nac-with-egp-500m-investment/ Wed, 04 Dec 2019 14:39:23 +0000 https://wwww.dailynewssegypt.com/?p=715643 Company to build another project in the NAC in 2020, says chairperson

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Karma Construction launched its INIZIO project in the New Administrative Capital (NAC), a 4,900-sqm medical and administrative mall.

Ahmed Moustafa, chairperson of Karma, said INIZIO is the company’s first commercial project in the NAC, as it seeks to meet the customers’ expectations of acquiring affordable and versatile units, adding that the project’s investment cost reached EGP 500m and will be fully completed in 2022.

INIZIO consists of seven floors other than the ground floor, comprising 188 units with various areas ranging from 34 to 1,268 sqm, in order to address needs of all customers, and the prices start from EGP 31,000 per sqm, he elaborated.

Additionally, INIZIO comprises a garage with a capacity of 120 cars, consisting of two separate entrances, one for administrative units and the other for medical units, to ensure the convenience and privacy of customers.

“Karma introduces a flexible payment plan to meet customer expectations, up to 8 years,” he said.

He disclosed that the company plans to launch another project in the NAC in 2020, in addition to a 16-feddan project in the North Coast.

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Arkan launches ‘Connection Cairo’ exhibition to explore the beauty of Cairo https://wwww.dailynewssegypt.com/2019/12/04/arkan-launches-connection-cairo-exhibition-to-explore-the-beauty-of-cairo/ Wed, 04 Dec 2019 14:39:19 +0000 https://wwww.dailynewssegypt.com/?p=715650 Arkan believes in the importance of promoting and sponsoring art and photography projects in Egypt, and the positive impact the art can have on society.

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Arkan Plaza hosted Connection Cairo, an art and photography exhibition organised and managed by Gyptian – a newly established platform for art, photography, and culture in Egypt – and the event organiser Inka.

Arkan believes in the importance of promoting and sponsoring art and photography projects in Egypt, and the positive impact the art can have on society.

The works that have been presented during the exhibition are an exploration of the Egyptian capital Cairo with all its different and unique elements. The day-to-day affairs of Egyptians such as public transportation, and commerce are portrayed inventively through the art and photography of the exhibition.

Since we launched Arkan in Egypt, we have not only become a prime business center, but also an avid supporter of start-ups. We have a responsibility to sponsor and promote cultural events which have a positive impact on our community,” James Bailey, Client Service Director of Savills, Arkan’s property and facility manager.

“By integrating business, culture, and entertainment under one roof, we are able to offer our diversified services to nearly 10,000 visitors a day, making Arkan one of the most famous centers in Cairo. Arkan is both a cultural and business center, a meeting place for people from all around the city, and a service center,” he added.

Founder of Gyptian, Seif El Din Fawzy added, “Connection Cairo is the vision of the different elements of everyday life in Cairo – culture, work, and society – through the eyes of our exhibiting artists.

Gyptian is a platform intended to showcase different perspectives and narratives in Egypt and to openly connect Egyptian artists to the general public. “This openness is reflected in our decision to drop the ‘e’ that has become synonymous with the electronic world from our name,” he added.

Farah Abou Seif, business development manager at Inka, said, “Inka is a strong believer in the talents of Egyptian youth, and the importance of creating platforms for their assembly over beneficial and cultural opportunities.”

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Golden House launches 3rd phase of Roses project in NAC https://wwww.dailynewssegypt.com/2019/12/03/golden-house-launches-3rd-phase-of-roses-project-in-nac/ Tue, 03 Dec 2019 20:05:26 +0000 https://wwww.dailynewssegypt.com/?p=715609 The project is located in R8 neighbourhood in the NAC, near to the service area in the new capital. Its built-up area is 20% and the rest is allocated for green spaces and artificial lakes.

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Golden House Real Estate Investment launched the third phase of its Roses project in the New Administrative Capital (NAC) after marketing the two previous phases of the project achieving total sales of EGP 350m.

Hady Shendy, chairperson of Golden House, said the company aims to continue the success it achieved in the previous phases until the completion of the project.

The project is located in R8 neighbourhood in the NAC, near to the service area in the new capital. Its built-up area is 20% and the rest is allocated for green spaces and artificial lakes.

The location of the project, near the Opera House and the Presidential Palace, provides its residents an access to integrated services, Shendy said. In addition, the service area within the project is built on an area of 12,600 sqm.

Mohamed Fathy, marketing manager at the company, said the project is located on an area of 22 feddan, and the company offers facilitations in payment, with 10-25% down payment and instalments up to nine years with zero interest.

The company participates in many real estate exhibitions to market its projects and meet its customers to know their housing needs, Fathy added.

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MBG aims to establish 100-feddan villa project in NAC https://wwww.dailynewssegypt.com/2019/12/03/mbg-aims-to-establish-100-feddan-villa-project-in-nac/ Tue, 03 Dec 2019 18:01:30 +0000 https://wwww.dailynewssegypt.com/?p=715601 Company plans to deliver Pukka project in New Capital in 2022 and 2023, says chairperson

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MBG Development intends to establish another villa project in the New Administrative Capital (NAC) on an area of 100 feddan.

Daily News Egypt interviewed MBG Development Chairperson Mahmoud Al Adl to learn more about the company’s projects and expansion plan.

Can you tell us about the updates on the Pukka project in the NAC?

Over the last three months, the company completed the development of 30% of the project.

Pukka is the first residential project in the NAC that has a sky pool. The project spans over 40 feddan and includes more than 1,680 housing units.

How much were the project’s sales?

Pukka’s sales reached about 70% for the residential part, while the sales of the commercial part [Pukka Capital Walk mall] were 30%.

What is the size of Pukka Capital Walk?

MBG is developing a commercial mall comprising of commercial, administrative, and medical units. It consists of three floors built on an area of 6,000 sqm. The price per sqm ranges between EGP 30,000 and EGP 90,000.

What is the value of the project’s investment?

The initial investment cost is EGP 2bn, and the company has disbursed 10% of this figure in the first year of construction. The company plans to spend 30% of the allocated investment in the coming year.

What is the source of the project’s financing?

The project is self-financed, relying on liquidity from the company’s shareholders and sales.

How much did the company pay to the Administrative Capital for Urban Development Company (ACUD) for the project’s land?

The company has paid three instalments out of five to the ACUD, constituting 60% of the land’s total value.

When does the company plan to deliver the project?

We plan to begin Pukka delivery in 2022 and 2023 in accordance with the conditions of the ACUD to complete developing any project in the NAC within four years.

What is the value of the project’s targeted sales?

The project’s targeted sales are EGP 4bn for the residential part, and EGP 800m for the commercial part.

What is the project’s price per sqm?

For residential units, it ranges between EGP 10,000 to EGP 13,000 per sqm, while it varies between EGP 35,000 and EGP 90,000 per sqm for commercial units.

Can you tell us more about Pukka’s payment plans?

We offer a seven-year payment plan with 10% down-payment. We also offer discount on cash payment.

Who is responsible for the project’s consulting?

RMC – Raafat Miller Consulting is responsible for engineering and construction management. Moreover, we have contracted with EHAF Consulting Engineers to oversee the implementation of the Pukka project. EHAF is specialised in project design and construction supervision, as well as providing a wide range of services, such as architecture, interior design, urban design, landscape, roads and bridges, rapid transit systems, water and wastewater, and project management. Moreover, it operates in several countries, such as the UAE, Saudi Arabia, Qatar, and Egypt.

What is the company’s expansion plan?

The company is interested in investing in the NAC, as it is smart, universal, luxurious, and cultural city. Therefore, we are studying developing a villas project on 100 feddan through partnership system. Furthermore, the company is preparing the project’s masterplan and designs. Over and above, the company plans to develop a medical project for athletes in the sports city, on an area of 5 feddan. 

What is the estimated investment cost of the project?

The initial investment cost is estimated at EGP 10bn.

When will the company launch the project?

We plan to launch the project within the coming three months.

What is the company’s strategy to export property?

The company pays great interest in exporting property, as we participated over the current year in many real estate exhibitions inside and outside Egypt. MBG has participated in foreign exhibitions in Dubai, Italy, and France. Additionally, the company is organising a promotional campaign in five states of America namely, Washington, Florida, Tennessee, and New Jersey to promote the NAC project itself and then promoting the company’s project inside new capital. The visit will last for two weeks.

When would the company complete the project’s sales?

We believe that the project would be sold out before the end of the coming year.

What other projects the company intends to develop outside the NAC?

The company studies developing a 20-feddan project in Ain Sokhna.

What are your expectations for real estate prices in the coming period?

I expect no increase in prices in the coming period, as the market is stable and accordingly the prices will be also stable.

How can Egypt develop the real estate sector?

I think the government has to reconsider the mortgage finance system and broaden the finance limit to about EGP 1m per unit to help clients buy their desired unit in the light of decrease of the local purchasing power.

Nevertheless, I call on the ACUD to accelerate issuing building permits for the NAC projects to ensure delivering the project as soon as possible.

I also think the ACUD has to extend its instalment payment plan for lands from five to seven instalments to help companies focus on the development process of their projects.

What are the other projects the company is developing now?

MBG Development has been operating in Egypt’s real estate market for 35 years, and it has developed several residential projects in the cities of Damietta, Mansoura, and Ras El Bar.

In Ras El Bar, the company has developed three projects: Sunset Festival, Sunset El Nakheel, and Sunset Gardens. In Mansoura, MBG built Al Oula City on an area of 27,000 sqm and a World Trade Centre on an area of ​​20,000 sqm, in addition to the International Medical Centre on an area of ​​10,000 sqm, consisting of specialised medical centres overlooking the Nile in Mansoura city.

   

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NUCA, Emaar agree to develop EGP 50bn integrated residential projects https://wwww.dailynewssegypt.com/2019/11/27/nuca-emaar-agree-to-develop-egp-50bn-integrated-residential-projects/ Wed, 27 Nov 2019 21:26:18 +0000 https://wwww.dailynewssegypt.com/?p=715172 The NUCA has handed over a 500-feddan plot of land to Emaar in Sheikh Zayed Extension City for another full-service residential project with investments worth approximately EGP 37.8bn and will create more than 70,000 direct and indirect jobs.

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The New Urban Communities Authority (NUCA) and Emaar Misr Developments on Wednesday signed an agreement to establish two integrated urban projects in Sheikh Zayed Extension City.

The NUCA and Emaar Misr have reached a final agreement stipulating that the company will purchase 52.4-feddan in-kind share in Sheikh Zayed City from the NUCA, in addition to the areas ceded by the company to create external roads, bringing the total land area to about 120.9 feddan.

The Authority is committed to delivering utilities and services to the land, as well as changing its activity in order to enable the company to establish a full-service Cairo Gate project, located on the Alexandria-Egypt road with investments amounting to EGP 11.5bn, providing more than 15,000 direct and indirect job opportunities.

The NUCA has handed over a 500-feddan plot of land to Emaar in Sheikh Zayed Extension City for another full-service residential project with investments worth approximately EGP 37.8bn and will create more than 70,000 direct and indirect jobs.

Commenting on the deal, Mohamed Alabbar, chairperson of Emaar Properties, said the company’s investment entity has a desire to increase its investments in Egypt and has been investing in the country for nearly 14 years, studying the increase of Emaar’s land bank in Egypt.

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Construction and Housing Cooperatives’ investment budget to reach EGP 3.5bn in FY 2020/21: Chairperson https://wwww.dailynewssegypt.com/2019/11/25/construction-and-housing-cooperatives-investment-budget-to-reach-egp-3-5bn-in-fy-2020-21-chairperson/ Mon, 25 Nov 2019 17:20:31 +0000 https://wwww.dailynewssegypt.com/?p=714845 The authority aims to implement co-operative housing projects in New Obour, New Sixth of October, and Upper Egypt cities, says Hossam El Din Rizk

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“In the General Authority for Construction and Housing Cooperatives (CHC), we promote the continued expansion of the co-operative housing sector as a solution to housing needs,” said Chairperson of CHC Hossam El Din Rizk.

The CHC has an over 55-year track record in forging innovative partnerships between communities and the public and private sectors, added Rizk.

He noted that the CHC plays a very big role in supporting the development of the state without incurring any financial burdens, in the sectors of agriculture, industry, housing, and production.

Rizk further pointed out that the authority has expanded in recent years in cooperative housing projects, commiserating with the efforts of the State in the expansion of the development and doubling of the urban area and provide housing for citizens matching with their income.

Daily News Egypt interviewed Rizk to learn about the role of the CHC in supporting the low-cost housing needs.

First of all, can you tell us more about the role of the CHC?

The CHC was established in 1961 by a decree of the late president Gamal Abdel Nasser and its role was initially to lend co-operative housing associations and individuals wishing to establish housing units or projects. This role has increased after the beginning of the seventies after issuing a republican decree in 1977 to regulate the work of the Authority as an economic body with resources self-managed. Since then, we’ve developed projects for cooperative associations for housing in Egypt.

The role of the authority began to grow through cooperative housing associations. The associations constructed the entire North Coast in the 1980s and early 1990s. However, the authority and its role were marginalised from 1993 to 2013.

Since 2013, the CHC has been building co-operative housing projects significantly through the purchase of lands from the New Urban Communities Authority (NUCA) and governorates, planning and designing the projects, obtaining required ministerial approvals for the projects, and providing utilities. Then, cooperative associations for housing receive lands ready for construction. So, the authority plays a positive role in accelerating the pace of development.

How many cities does the authority operate in?

The authority owns lands in 22 new cities, of which 16 launched in 2015 and six in 2019, including New Alamein, New Mansoura, and West Qena, designed using modern technology in terms of infrastructure and communication.

Moreover, 1,000 feddan has been allocated for co-operative housing associations in the New Administrative Capital. The CHC follows up on these associations every two months to ensure the work progress in accordance with the conditions of the administrative capital according to the possibilities of these associations. So far, the situation is good and there are no problems in implementation.

In some cities, there is no abundance of land for the establishment of housing projects such as Port Said city, plus, the cost of construction is very high and even if provided by the authority at its real cost it will still be too high, and therefore the authority is implementing a huge housing project in the governorate, with an investment slot, to reduce the cost of cooperative units.

The CHC is developing a development project in Port Said, which is a residential project that includes a cultural, entertainment and commercial centre, four administrative towers for international companies, a multi-storey garage with a capacity of 1,450 cars. The investment part of the project contributes by subsidising each square meter with EGP 4,000.

Can you tell us more about the authority’s Port Said project?

Port Said project consists of 4,000 housing units, including 1,000 investment units and 3,000 cooperative housing units. The cost per sqm of construction in Port Said was estimated at EGP 2,700, but the real cost borne by the authority was about EGP 6,600 per sqm and paid by the authority through the return on investment.

The project’s investments amounted to EGP 4bn, of which EGP 1.2bn were allocated for constructing 30 towers.

What are the projects implemented by the CHC to support young people and provide job opportunities?

One of the most important projects we carry out is the cooperative integrated communities project which will provide employment opportunities for young people, services and housing. The authority is implementing the first cooperative housing project for young people in Hosh Essa area in Beheira Governorate to live and work through a workshop provided by the Authority. The project costs EGP 300m.

Moreover, the CHC is seeking to popularise this project in several governorates, especially in the industrial zone of Suez governorate.

What are the other projects implemented by the CHC?

The authority is developing a large industrial city with a cooperative in New Atfih area in Giza governorate on a 26,000-feddan plot of land allocated by presidential decree No. 104 in 2016. The authority has completed the project’s masterplan and has been approved by the Ministry of Environment while the general plan has been approved by the Industrial Development Authority. The project will include a marble city, logistics complexes, and building materials industries. The reason behind the establishment of this industrial city is that Atfih city has some of the highest unemployment and poverty rates in Egypt.

What is the value of the state allocations to the authority?

Currently, the authority is spending on its own projects through offering part of its lands for investors to support cooperative housing without incurring the state any additional financial burdens. The investment budget for a fiscal year (FY) is EGP 2.8bn.

What are the cities targeted by the authority to implement co-operative housing projects?

The most important areas targeted by the authority are New Obour, New Sixth of October, and Upper Egypt new cities, namely New Beni Suef, New Assiut, New Sohag, New Qena, and New Aswan, in which the authority has lands and each project is allocated according to the needs of housing co-operative associations.

What is the size of the authority’s investments during the current fiscal year?

The authority’s investments amounted to EGP 250m in FY 2013/14, while it became EGP 1bn in FY 2018/19 due to an increase in lands allocated to the authority and delivered to serious housing cooperative associations in accordance with the protocol signed with the NUCA in this regard.

I expect the budget to reach EGP 3.5bn in FY 2020/21. Accordingly, all projects’ investments that take place in 22 cities follow the cooperative housing system worth approximately EGP 60bn, distributed among the projects implemented by associations at the level of governorates and new cities or projects implemented by the authority.

What is the value of a co-operative loan?

The value of a co-operative loan has increased from EGP 20,000 to EGP 50,000, after the liberalisation of the exchange rate. We are looking forward to increase it to EGP 200,000.

How many co-operative housing associations are currently in Egypt?

The number of co-operative housing associations has jumped from 2,100 to 3,321 associations over the last five years, with an increase rate of 58%.

What is the size of the authority’s land bank?

The authority’s land bank is currently 2,000 feddan in 22 cities.

Are there any cases of land withdrawal from co-operative housing associations?

Currently, there are no cases of land withdrawal because the authority is the one that allocates the lands to these associations, and also monitors and follows up the progress of these projects.

What is the difference between social and co-operative housing?

Social housing, like the other projects, was launched by the state to bridge the gap that has widened over the past years between the real estate prices and the average purchasing power. It is a state project in the first place, fully supported to achieve this goal. Its land is allocated for free and utilities are provided for free in addition to subsidies, and they are directed to low and middle-income people. Meanwhile, co-operative housing is for middle-income people, but offers land at competitive prices. Co-operative housing associations execute projects at their real cost without adding any burdens on the state budget.

What about the 3rd International Conference for Cooperative Housing (ICCH)?

In 2013, we conducted the first ICCH in Egypt and invited 15 countries to exchange their experiences in the sector. For example, cooperatives in Malaysia, America, and Sweden play a large role to maximise the individual’s interest within the overall social interest. The second ICCH was held in 2016, with the participation of 36 countries and international organisations.

Furthermore, cooperative housing conferences in Egypt have been ranked number one in Africa in terms of organisation, participation, inclusiveness, and content. This year, the ICCH is full of different topics and issues. The conference will be held next month discussing six topics: Sustainable Cooperatives: Theories, Concepts and Goals; Mending the Gap: Governance & Management of Sustainable Cooperatives; Sustainable Cooperative Communities and Economic Growth; and Sustainable Cooperatives & Community Participation (People Matter Most). The fifth and sixth topics are Responsive Architecture and Sustainable Cooperative Challenges, and Legislations and Regulations to Promote Sustainable Cooperative Practice.

The conference comes to emphasise Egypt’s leadership in cooperative housing on the African continent, especially as the conference will be attended by officials of 50 countries and international organisations, which gives the conference great momentum. Egypt will host 50 countries during the ICCH next December.

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MNHD achieves EGP 4.6bn sales in 10M 2019 https://wwww.dailynewssegypt.com/2019/11/12/mnhd-achieves-egp-4-6bn-sales-in-10m-2019/ Tue, 12 Nov 2019 21:59:03 +0000 https://wwww.dailynewssegypt.com/?p=713782 Company targets 20%increase in sales 2020, says general manager

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Madinet Nasr for Housing and Development (MNHD) has recorded approximately EGP 4.6bn sales in the first 10 months of 2019, MNHD’s General Manager Ahmed El Hitami said.

He noted that the company has delivered 1,700 units in the first phase of Taj City project, known as Taj Sultan, and about 500 families reside in the city now.

MNHD has also completed the first phase of the Capital Garden units in partnership with Palm Hills Developments, a mini compound within MNDH’s Sarai project.

El Hitami revealed that the company has succeeded in delivering 3,000 units in total last year.

He disclosed that the company has approved an offer by EG Bank to provide a medium-term EGP 400m loan to finance the Sarai Power Transformer Station, expecting that 2,500 units to be delivered next year.

“MNHD targets 20% increase in sales in 2020, and is keen on expanding in Upper Egypt and Delta because these areas have huge investment opportunities,” he noted. “The company hopes to complete the first factoring transaction worth EGP 300m to EGP 400m before year-end.”

Regarding talks with the New Urban Communities Authority to acquire a land plot in West Assuit, he unveiled that the MNHD will sign the land’s contract soon.

Decrease in sales due to changes in the market and expected an improvement in the last quarter of the year, he highlighted. 

Taj City will include three hotels, one of them will have serviced apartments, and Sarai will also comprise hotels and serviced apartments, he concluded.

The MNHD announced the launch of Taj City (Zone T) and Saray Taval (Zone S2), and has commissioned the Hill International Company to manage the projects after obtaining several high-level projects, such as Etihad Towers and the Grand Egyptian Museum.


In light of this, MNHD has contracted with Hill International Project Management to build the latest phases of the Taj City (Zone T), which covers an area of
​​350,000 sqm and will include 200 residential buildings in addition to club house and social club.

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Insight Real Estate debuts third phase of its projects in west Cairo https://wwww.dailynewssegypt.com/2019/11/12/insight-real-estate-debuts-third-phase-of-its-projects-in-west-cairo/ Tue, 12 Nov 2019 16:02:46 +0000 https://wwww.dailynewssegypt.com/?p=713744 The company has sold its first and second phases with total sales approaching EGP 350m, according to Amr Assaf, chairperson of Insight Real Estate.

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Insight Real Estate intends to launch the third phase of its residential projects in Hadayek October, west Cairo, within its Investors Association compound, with investments approaching EGP 150m.

The company has sold its first and second phases with total sales approaching EGP 350m, according to Amr Assaf, chairperson of Insight Real Estate.

Assaf pointed out that the new phase includes units ranging from 90 square meters (sqm) to 140 sqm, beside a number of administrative and commercial buildings.

He further noted that 270 residential, commercial, and administrative units are being developed, in addition to a commercial mall currently under study.

Assaf elaborated that the project is built on an area of 200 feddan, dealt with in accordance to the initiative Anta Al Mostathmer (you are the investor) in terms of sale at cost, with a total investment worth EGP 400m.

In a related context, Assaf warned of what he called “promise to sell” contracts, explaining that it is a new method of deceit in real estate. It leads the customer to pay for non-existent property, without any ownership or legal support. He added that this contract is not legally recognised and does not protect the client since it does not prove any right or ownership of any party.

Assaf said that the real estate market has not lost any of its customers, pointing out that there is a steady increase in the number of players in the market. Accordingly, the market becomes more crowded due to increase in operating companies, while there is a decline in what is known as elements of attracting customers.

He pointed out that the real estate market is in dire need of new systems to market its products, adding that many real estate developers in Egypt have suffered from a slowdown in demand for luxury housing units. This led companies to come up with new innovative marketing schemes, such as increasing payment periods to between 10 and 15 years and many other methods.

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200 international brands to participate in 5th Cairo WoodShow https://wwww.dailynewssegypt.com/2019/11/11/200-international-brands-to-participate-in-5th-cairo-woodshow/ Mon, 11 Nov 2019 17:09:06 +0000 https://wwww.dailynewssegypt.com/?p=713611 Total exports of Egypt's furniture sector are estimated at EGP 30bn, says WoodShow director

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About 200 international brands from more than 32 countries will take part in the fifth edition of Cairo WoodShow exhibition.

Director of the exhibition, Hussein Kamal, said, “During the exhibition, we aim to support and develop Egyptian furniture industry and wood products to achieve the maximum benefit and keep pace with the evolution of the world.”

The WoodShow exhibition is a platform for professional wood investors to network, giving room for expert consultations and business opportunities. 

Kamal stressed that total exports of Egypt’s furniture sector is estimated at EGP 30bn, and accommodates 400,000 direct workers and nearly 600,000 indirect workers, adding that the number of establishments working in the sector is close to 120,000, of which 95% are small and medium enterprises (SMEs).

Wood and furniture products in Egypt are exported to a large number of Gulf countries, Europe, and the United States, he elaborated.

For his part, Ahmed Helmy, head of Wood Working and Furniture Chamber at the Federation of Egyptian Industries (FEI), noted that the Cairo WoodShow is a qualitative leap in the furniture and wood products industry, helping manufacturers increase the local component in local industries.

According to Helmy, the exhibition provides an opportunity to showcase all kinds of materials and modern technology that exists in the world, providing means of support for workers in the sector in Egypt in one place since many can’t travel to witness the development of the field.

The fifth edition of the Cairo WoodShow will be held from the fifth to the eighth of December under the auspices of the Ministry of Trade and Industry, Industrial Modernisation Centre (IMC), Egyptian Furniture Export Council, Wood Working and Furniture Chamber at the Federation of Egyptian Industries, General Organisation for Import and Export Control (GOEIC), with the participation of specialists and experts in the wood sector.

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Real estate sales rate increased 40% in 2019: study https://wwww.dailynewssegypt.com/2019/11/11/real-estate-sales-rate-increased-40-in-2019-study/ Mon, 11 Nov 2019 15:52:27 +0000 https://wwww.dailynewssegypt.com/?p=713599 Ain Sokhna is the most attractive area for tourism and industrial investment in 2019, says Inland Properties

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Real estate sales rate increased by about 40% in 2019 compared to 2018, according to a recent study by Inland Properties Group.

The study stated that the number of projects under construction increased to about 260 projects.

According to the study, Ain Sokhna city is the most attractive area for tourism and industrial investment during 2019, recording a turnout of vacationers by about 58%, compared to the North Coast, Sharm El-Sheikh, Alexandria, and Fayoum.

Inland Property’s CEO, Rabab Farrag stressed that Ain Sokhna area is promising and the state’s interest in it makes it special not only at the local level, but globally. Accordingly, 2019 witnessed a 5% increase in the number of companies operating there.

Farrag added that the Ain Sokhna’s importance lies in its easy promotion externally, especially in the Gulf region, which revives the export of the Egyptian real estate.

She attributed the revival of Egypt’s property export to the decrease in demand for real estate investment in the region, such as Turkey, as a result of the turmoil there. In addition, the Egyptian property enjoys a competitive advantage after the depreciation of the Egyptian pound during the past five years.

She stressed that Galala area in Ain Sokhna provided medical and educational services to all projects there. She also pointed out that after the complete opening of both Cairo-Ain Sokhna and El Galala roads, the city has become one of the most important sites, and the most attractive for businessmen and investors, who have established many luxury hotels and tourist resorts in that region.

Rabab called on companies to offer easy payment methods that suit citizens’ purchasing power, as well as waiving part of the profit margin to maximise sales.

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Egyptian Resorts Company to develop Sahl Hasheesh project worth EGP 15bn https://wwww.dailynewssegypt.com/2019/11/10/egyptian-resorts-company-to-develop-sahl-hasheesh-project-worth-egp-15bn/ Sun, 10 Nov 2019 19:02:43 +0000 https://wwww.dailynewssegypt.com/?p=713514 ERC’s Chief Executive Officer Wael El Hatow stated that the company has completed the required various permits for the project and will be implemented within seven years. Part of the funding is secured through the company's own resources, along with additional financing from investors.

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Egyptian Resorts Company (ERC) is working on developing a new real estate project on an area of 1.2m square meters with investments amounting to EGP 15bn in Sahl Hasheesh.

ERC’s Chief Executive Officer Wael El Hatow stated that the company has completed the required various permits for the project and will be implemented within seven years. Part of the funding is secured through the company’s own resources, along with additional financing from investors.

The project will include a hotel and residential units.

Meanwhile, he revealed that there are strong opportunities for Sahl Hasheesh in property export due to many competitive advantages including the year round sunny beaches and five-hour flights between Hurghada and Europe.

He added that the prices of real estate in Sahl Hasheesh represent 50% of the prices found in other real estate export countries such as Spain and Greece.

According to El Hatow, foreign owners of properties in Sahl Hasheesh stands at 10%, but with the government’s support and increased marketing, the company hopes to increase this percentage.

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Misr Italia Properties invests EGP 3.4bn in 2019 https://wwww.dailynewssegypt.com/2019/11/08/misr-italia-properties-invests-egp-3-4bn-in-2019/ Fri, 08 Nov 2019 13:37:16 +0000 https://wwww.dailynewssegypt.com/?p=713329 Misr Italia Properties’ 41-feddan project, La Nuova Vista, in New Cairo has set new standards for the real estate market, he added. The project is fully implemented and already inhabited by residents featuring vast landscape areas for nature lovers, covering 90% of the project area.

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 Misr Italia Properties invested around EGP 3.4bn  in its projects throughout the year and working on delivering all units on time to meet the homeowners expectations, said Mohamed Hany El-Assal, CEO of the company.
Misr Italia Properties’ 41-feddan project, La Nuova Vista, in New Cairo has set new standards for the real estate market, he added. The project is fully implemented and already inhabited by residents featuring vast landscape areas for nature lovers, covering 90% of the project area.
“Community shopping mall ‘Garden 8’ set to open in the first quarter of 2020, hosting the most luxurious brands in the region. This project is a true shopping haven in the heart of New Cairo,” El-Assal added.
He further noted that another original project, set as part of the eco-expansion plan on an eco-conscious basis, Il Bosco City, is built on a total area of ​​268 feddan in Mostakbal City. It includes 6,600 housing units. The company is investing EGP 22bn in this project of which it has injected EGP 150m  in 2019, with construction scheduled to start in the third quarter of 2020.
Il Bosco project is different from “Il Bosco City”, as the project is located on a total area of ​​207 feddan in the New Administrative Capital and hosts 5,100 units. Currently, the concrete work for 300 villas and 2,500 apartments has been finished to start delivery in 2021.
Il Bosco investments will reach EGP 1bn and will host a new landmark in Egypt and the Middle East, he revealed.
The Vertical Forest, part of Il Bosco in the New Administrative Capital, encompasses 700 units and three vertical forest buildings on seven floors designed by the renowned Italian architect Stefano Boeri. The Vertical Forest buildings feature an iconic design with vast vertical greeneries.These buildings come in the form of ecological corridors that give life to the project and also provide an architectural vital system by placing trees perpendicular to the balconies and outlets of buildings, with the aim of bringing the spirit of nature to urban areas and creating a balanced ecosystem.
As an extension of Misr Italia Properties’ investment in the New Administrative Capital, it has established the 110-feddan “Vinci” project with an investment of EGP 8.5bn. The project holds 3,000 units that are planned to start delivery by 2022.
Not limited to Cairo, the company brings “Kai Sokhna” in Ain Sokhna, which includes 340 units, in addition to 180 rooms in the 5-star Hilton hotel. “Kai Sohna” also has a special beach that is 1,200 meters long. During 2019, investments have been made in the project with an estimate of EGP 300 million in construction; 85% of the first phase of the project has been finished with expected delivery of units starting the fourth quarter of next year.

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Pyramids Developments to launch administrative units in Paris mall https://wwww.dailynewssegypt.com/2019/11/06/pyramids-developments-to-launch-administrative-units-in-paris-mall/ Tue, 05 Nov 2019 22:42:46 +0000 https://wwww.dailynewssegypt.com/?p=713159 Company offers 60,000 sqm- administrative area for sale in Paris malls

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Pyramids Developments for real estate announced the launch of administrative units and offices over 60,000 sqm for sale in its Paris mall after selling commercial units worth EGP 800m.

According to the companys Chairperson Hisham El Kholy, the project spans over 23,600 sqm in the New Administrative Capital (NAC) with a total built up area of 85,000 sqm with EGP 2bn expected investment.

The company facilitates the payment system on buyers through 20% down payment, while the first instalment is attained after operating the unit, El Kholy elaborated.

The client will not be obliged to pay any dues for the unit except the down-payment and 10% maintenance deposit paid on delivery.

He added that Pyramids will be responsible for leasing and managing the customer’s unit in return for a profit rate of 18% for the client. Therefore, Pyramids contracted with specialised companies and offices from outside and inside Egypt to manage the malls owned by the company.

The company is distinguished by providing various spaces that suit the needs of every customer starting from 18 square metres, with 10-year payment plans without interest,he noted.

The mall was part of the company’s expansion plan with a number of new and diverse projects in the NAC.

It consists of ground and seven floors comprising 600 units varied between offices, commercial, and medical units. Furthermore, it includes Aqua Park and mobile theatre, in addition to a large entertainment area for the public in front of the mall.

El Kholy revealed that the mall will be delivered and operated in 2021 according to the states plan to operate the government district.

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All sectors of the Cairo real estate market have seen improvements in Q3, says JLL https://wwww.dailynewssegypt.com/2019/11/05/all-sectors-of-the-cairo-real-estate-market-have-seen-improvements-in-q3-says-jll/ Tue, 05 Nov 2019 21:48:04 +0000 https://wwww.dailynewssegypt.com/?p=713128 Hotel sector in Cairo reached highest performance levels in over 11 years: JLL

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 Cairo’s real estate market has seen positive performance across all sectors of the market including  hotel, residential, retail, and office sectors, according to the real-estate firm Jones Lang LaSalle’s (JLL) Cairo Real Estate Market overview report on the third quarter (3Q) of 2019.

According to the report, the hotel sector in particular has drastically improved occupancy levels as the economy starts to pick up at a time of limited hospitality options.

JLL’s Egypt Country Head Ayman Sami said, “As the economic situation in Cairo is recovering and the Egyptian pound is strong, we are witnessing healthy levels of demand across all sectors in the market.  We expect to see an even more healthy economy in the months to come as government initiatives and large scale tourism projects continue to boost demand and drive investment in the market. ”

 The hotel sector achieved its highest performance since 2008 and occupancy levels in the last quarter increased by 300 basis points to 73% in year-to-August 2019, the report stated.

“In parallel, the tourism sector continues to perform well with new infrastructure, improved security, and major attractions such as the Grand Egyptian Museum set to open next year,” the report read.

 The report further added that tourism arrivals to Egypt are expected to increase, with airlines like Easy Jet and other operators resuming operations to Sharm El Sheikh and Hurghada.  Once the Sphinx International Airport in Western Cairo is complete, it will allow more multi destination visits, benefitting the capital’s hotel sector.

 In the residential sector, the report elaborated that villas’ sale prices have improved dramatically over 3Q by 13% in the West of the city and 11% in New Cairo.  Responding to stronger sale prices, two of Egypt’s biggest developers have announced new gated community projects in Western Cairo, where prices are currently more affordable than New Cairo.

 It highlighted that retail rents have increased by 5% in 3Q, bringing the total increase to around 20% year over year (YoY).  The market has been boosted by the opening of two major developments, including the long awaited Almaza City Centre which opened its doors last month.

 Almaza City Centre continues the recent trend of including a cinema, food and beverages outlets, and entertainment options as mall owners attempt to broaden the experience offered and increase dwelling time, the report pointed out.

Moving to Cairo’s office sector, JLL stated that rents increased by 9% in Central and Eastern Cairo, while rents in the West of Cairo have drastically improved by as much as 11%, in Q3.

 JLL attributed that to the strong demand in high-end gated communities and recently announced projects in Western Cairo.  More developers are offering flexible office space on short-term leases and this concept may prove attractive to financial and other companies who are currently assessing their requirements for space and the potential of relocating staff to the New Administrative Capital.

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Elite Home delivers five projects in New Cairo https://wwww.dailynewssegypt.com/2019/11/04/elite-home-delivers-five-projects-in-new-cairo/ Mon, 04 Nov 2019 17:34:00 +0000 https://wwww.dailynewssegypt.com/?p=712979 Company develops 20 different projects in New Cairo 

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Elite Home Real Estate started delivering five projects in New Cairo with EGP 100m investments, and plans to expand in launching new projects in the city in the coming period, according to Mohamed Abdel Rahman, the company’s general manager.

Abdel Rahman said that the projects have villas with various spaces, ranging between 600 and 1,000 sqm, while there are units with spaces of 200-350 sqm.

He explained that the company focuses on implementation and delivery of projects successively according to schedules, pointing out that the ability to continue implementing new projects is the most important factor of success.

He stressed that New Cairo is witnessing a fierce competition among developers, which requires the provision of high-level projects with modern designs that ensure good use of spaces.

The company is currently working on more than 20 projects distributed in several areas in Beit AlWatan, New Al Narges, Al Andalus, El-Lotus and El kronfol in New Cairo. These projects are being offered successively according to the movement of sales, as the company seeks to acquire many lands in the next period within its expansion plan, he disclosed.

Abdel Rahman pointed out that the company’s plan also includes the development of projects in New Administrative Capital, in addition to the development of administrative and commercial projects in New Cairo in the light of high demand on these projects, especially for those wishing to invest to achieve a high return, whether resale or rent after receipt.

Market activity is expected to increase during the coming period, especially after slashing interests on deposits in addition to providing facilitated payment systems by developers.

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Concept targets completing sale of Siela North Coast before next June https://wwww.dailynewssegypt.com/2019/11/04/concept-targets-completing-sale-of-siela-north-coast-before-next-june/ Mon, 04 Nov 2019 17:31:49 +0000 https://wwww.dailynewssegypt.com/?p=712976 Company has marketed about 70% of the project, says chairperson

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Concept Real Estate Group plans to complete selling Siela North Coast’s units before next June, according to the company’s Chairperson Ehab Abou El Magd.

Abou El Magd said the Siela’s first phase will be delivered by the end of this year.

He added that the company has marketed about 70% of the project so far, including the first and second phases, in addition to about 10% of the third phase.

Siela is built on an area of 10 feddan in the Kilo 57 Alexandria/Matrouh road. It includes 600 chalets with different spaces ranging from 45 to 100 sqm, with a construction rate of 28%, including commercial and administrative units.

Abou El Magd said the company plans to develop another project in North Coast in the comping period. In addition, the company currently studies the lands that the Ministry of Housing provides under the new land allocation system, especially in East Cairo.

He stressed that the new allocation system is better for both developers and the ministry, where it allows companies to apply for lands any time instead of waiting for the ministry’s auctions.

This system eliminates land hoarding as it became available all the time.

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OUD launches Azadir’s second phase in New Cairo https://wwww.dailynewssegypt.com/2019/11/04/oud-launches-azadirs-second-phase-in-new-cairo/ Mon, 04 Nov 2019 16:53:47 +0000 https://wwww.dailynewssegypt.com/?p=712970 Company sold out the first phase in a short time, says Khamis

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Orientals for Urban Development (OUD) announced the launch of the second phase of Azadir project in the Fifth Settlement, New Cairo during a ceremony last week.

Mohamed Farid Khamis, OUD’s founder, said the launch of the second phase, dubbed Presidential Suites, comes after the first phase was sold out in a short time.

The project is built on an area of 70,000 sqm in the heart of New Cairo, with a 18.5% built-up area while the rest of the project’s area is allocated for green spaces. The OUD will plant more than 1,000 Neem trees in the project, besides large gardens interspersed with walking and jogging paths, according to Khamis.

He stressed that the OUD’s new project provides luxury units at the highest level in one of the distinctive areas in the Fifth Settlement at competitive prices to meet all customers’ needs.

Khamis added that the second phase’s units have different spaces; 55, 90, and 135 sqm.  “Innovative design studies have been developed in cooperation with the project’s consultant, Azur. These designs make good use of every inch in the apartment, so that those with a 55 sqm apartment can feel it spacious.”

The loading factor in Azadir’s apartments does not exceed 20%, the lowest in a residential community.

The OUD is a joint-stock company affiliated to Oriental Weavers Group. It was established in 1994 to capitalise on the real estate boom in Egypt. The company has since bloomed into one of Egypt’s largest real estate and urban development companies with developing several projects namely J’noub project in New Administrative Capital, Oriental Coast in Marsa Alam, OIC industrial project in Ain Sokhna, and other projects in New Cairo, Obour, and Kattameya.

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Mountain View debuts first business park in Egypt https://wwww.dailynewssegypt.com/2019/11/04/mountain-view-debuts-first-business-park-in-egypt/ Mon, 04 Nov 2019 16:48:23 +0000 https://wwww.dailynewssegypt.com/?p=712973 Chairperson and Founder of Mountain View - DMG, Amr Soliman, said, "the partnership came after our visit to Silicon Valley and headquarters of Google and Facebook to benefit from their experience in this field."

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Mountain View announced the launch of Heartwork project, the first business complex in Egypt, in the heart of New Cairo, in partnership with US Delivering Happiness (DH) and CallisonRTKL, which will develop architectural designs for the project.

Chairperson and Founder of Mountain View – DMG, Amr Soliman, said, “the partnership came after our visit to Silicon Valley and headquarters of Google and Facebook to benefit from their experience in this field.”

During a tour organised by Mountain View for a group of journalists last Wednesday, Soliman said, “the company is always keen to be the pioneer and initiator in creating breakthroughs and modern technological revolutions in the field of construction and real estate and not rely only on traditional plans and investments. It always seeks to provide everything new and unconventional in field of real estate investment in Egypt, which has a promising market in this area.”

Soliman disclosed that Heartwork will be launched officially this week. He explained that the project aims to support local businesses and turn them into happy workplaces through the use of consultancy and international certificates of interest in this regard and the application of the highest standards of international quality and innovation.

Heartwork has proved successful in practice, in terms of improving employee performance and increasing sales by 37%. Additionally, the project contributes to a 21% increase in productivity and a 41% reduction in staff turnover and going to other companies as well as achieves 300% increase in innovation, 400% decrease in fatigue, reduced absence of employees by 37% decrease, Soliman pointed out.

“After studies prove that 89% of employees are uncomfortable with their business environment, it has become important to take care of the work environment and this is being considered in our project,” said Soliman.

“Heartwork provides different spaces to suit all business sectors and budgets with different design choices, creating a balanced environment for the mutual benefit of employees and employers.”

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Lack of cooperation between real estate developers and state caused failure of first, second generation cities: NUCA https://wwww.dailynewssegypt.com/2019/11/04/lack-of-cooperation-between-real-estate-developers-and-state-caused-failure-of-first-second-generation-cities-nuca/ Mon, 04 Nov 2019 16:37:01 +0000 https://wwww.dailynewssegypt.com/?p=712969 During a Sunday press conference, Emara stressed that without establishing cooperation between real estate developers and the state, there will be no new cities, noting that the state builds infrastructure of new areas, which facilitates developers’ work later.

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The New Urban Communities Authority’s (NUCA) first- and second-generation cities have not succeeded because the state did not cooperate with real estate developers in the implementation of these projects, according to the NUCA’s Deputy Chairperson Abdel Moteleb Emara.

During a Sunday press conference, Emara stressed that without establishing cooperation between real estate developers and the state, there will be no new cities, noting that the state builds infrastructure of new areas, which facilitates developers’ work later.

The Ministry of Housing is working on new mechanisms to attract more real estate developers and encourage cooperation among both sides to achieve development. The ministry is now finalising its initiative for allowing developers to participate in social housing projects, Emara said.

He disclosed that social housing projects’ lands will be offered under direct allocation system for developers, besides other partnership mechanisms between developers and the Ministry of Housing.

Emara explained that unified requirements have been set for the implementation of social housing units in a way that avoids discrimination, as the state should support all citizens with different housing needs.

The NUCA needs liquidity to speed up delivery of its new cities, some of which are scheduled to be delivered mid-2020, he said. A part of this required liquidity can be provided through selling lands in new cities to investors.

On a different note, Emara confirmed that New Alamein city has a special location in the North Coast, being built on an area of 48,000 feddan with beach front of 14 km. It is one of the promising fourth-generation cities that include various sectors and industries, including an industrial zone and industrial lands with prices starting from EGP 250 per sqm.

“New Alamein is a smart and sustainable city, and includes all services and economic activities. The ministry seeks to implement a sustainable city that operates throughout the year,” Emara noted. “Additionally, the NUCA is currently developing the first phase of New Mansoura city, which is built on 7,000 feddan with 6-km beach front.”

He revealed that four plots of land were allocated to real estate companies with areas ranging from 50 to 150 feddan in New Mansoura.

“Currently, we have the new direct allocation system of lands for developers. The state is now working on implementing housing projects and infrastructure in East Port Said and Sinai cities, along with plans to launch New Bani Mazar, West Assiut, and New Rashid cities,” Emara said.

He unveiled that an investor applied to implement a hospital on an area of 50,000 sqm in New Alamein, pointing out that “The NUCA’s acceleration of development rates in the new cities encourages developers to launch new and various businesses there.”

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IPS Riyadh to start in December with 16 Egyptian real estate firms https://wwww.dailynewssegypt.com/2019/10/28/ips-riyadh-to-start-in-december-with-16-egyptian-real-estate-firms/ Mon, 28 Oct 2019 19:01:19 +0000 https://wwww.dailynewssegypt.com/?p=712340 City Edge Developments is the event’s strategic sponsor, and AAIB is the platinum sponsor

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The next destination of the International Property Show (IPS), the Middle East’s biggest property sales platform for local and international realty sector will be Riyadh, Saudi Arabia. 

The show will be held from 12 to 14 December at the Fairmont Riyadh Hotel, under the auspices of the Egyptian Ministry of Housing, with the participation of 16 Egyptian real estate companies offering a variety of projects.

Egypt’s City Edge Developments is the main sponsor of the event, while the Arab African International Bank (AAIB) is the platinum sponsor to the IPS Saudi Arabia.

Mohamed El Saidi, CEO of Strategic Marketing and Exhibitions, IPS’s organiser, said that the IPS includes a large number of real estate development companies that offer a package of projects in new fourth-generation cities in Egypt, especially New Administrative Capital (NAC), New Alamein, Sixth of October, North Coast, and Ain Sokhna.

El Saidi added that the company seeks to promote major national projects in Egypt through an organised marketing campaign befitting Egypt’s position and its investment opportunities.

The company focuses on Saudi Arabia and the UAE under the strategic relations between the two countries, he noted.

He pointed out that the company prepared a study of the market in Saudi Arabia and the needs of Egyptians working in it, Saudis and other Arab nationalities, especially after Egypt has issued a new law granting residence to foreigners in return for buying property, which offers several advantages to buy a property in Egypt.

The study included identification of customers’ needs, on which the company prepares its marketing campaign using multiple means of mass communication, mainly social media which became a major player in real estate marketing.

City Edge Developments, in partnership with the New Urban Communities Authority (NUCA), is participating in this show with various integrated urban projects, such as NAC, New Alamein, and New Mansoura city, in addition to its distinctive project ETAPA in Sheikh Zayed city, Giza.

The AAIB participates as a platinum sponsor in the latest international real estate exhibition to be held in Riyadh in December 2019, to provide the best financing programmes and diverse banking services to individuals in conjunction with the IPS organising company and real estate exhibitors to promote real estate projects in the Egyptian market.

Dubai-based Strategic Marketing and Exhibitions is a specialised company in organising real estate exhibitions around the world, and has nine branches in different Asian, European, and African countries. The company has also supervised and organised 18 editions of Annual Investment Meeting in Dubai, and one edition in Cairo early this year.

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El Mansour Development opens new branch in Cairo’s Mokattam https://wwww.dailynewssegypt.com/2019/10/28/el-mansour-development-opens-new-branch-in-cairos-mokattam/ Mon, 28 Oct 2019 18:55:18 +0000 https://wwww.dailynewssegypt.com/?p=712345 Company targets EGP 1.2bn contractual sales next year

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El Mansour Development aims to achieve EGP 1.2bn worth contractual sales from its projects during the next year, Amr Atef, Group Head of Marketing and representative of commercial team at the company, told Daily News Egypt.

The company has recently opened its new branch in Mokattam, Cairo which will be the headquarters of the company. Furthermore, the company has been operating in the market for 24 years and has seven subsidiary companies in contracting, real estate development, maintenance, and finishing.

The company plans to launch a subsidiary company responsible for project management after the completion of some of its integrated projects in order to maintain their quality and value.

The total size of the company’s customer portfolio currently stands at 4,000 customers, with all their units successfully delivered, Mansour disclosed.

He explained that the company has completed the delivery of Le Jour compound, which is located on an area of 8,400 square metres (sqm), with occupancy rates reaching 65% in Central Plateau, Mokattam.

“The company is currently developing the Oriana complex on 4,200 sqm in Central Plateau, Mokattam, a mini compound including five residential buildings. Oriana’s units have been sold out and will be delivered in June 2021,” Amr Atef unveiled. “Bienestar compound is planned to be delivered in mid-2021, a full-service residential development, comprising 325 residential units with varying sizes and has been fully marketed. Bienestar includes approximately 70 commercial units

He pointed out that El Mansour is currently delivering Eliet project, a commercial centre on an area of 2,055 sqm and includes 60 units, revealing that there is additional space in the Eliet project, which the company will decide to develop residential units or serviced apartments. Furthermore, the company has recently launched the first phase of its new project in Katameya.

He revealed the launch of the second phase of Jodran project, a residential project with a construction rate of 50% in Zahraa Maadi region. Jodran is located on an area of 5,700 sqm, and the project’s unit’s sizes range from 96 to 138 sqm, he added.

El Mansour Development has contract with Delta Sand Bricks (Delta Block) for the supply of high-quality raw materials to implement distinct units for customers, according to Mansour.

Regarding El Mansour Development’s expansion plan, he said that the company is seeking to benefit of its existing customer base to implement a tourist residential project, in order to provide a tourist housing unit for the company’s clients.

Moreover, the company plans to launch a new project in January, he added, stressing that Egypt’s real estate market remains a safe haven for investment, in addition to real demand based on the population increase. He noted that that the careful implementation of housing units is important to suit the needs of a large segments of customers in the market.

He revealed that a new branch will be opened outside Egypt in Kuwait soon, in order to benefit from the company’s customer base abroad, especially in Gulf countries, pointing out that about 25% of the company’s customers are outside Egypt, where 10% of them are from Kuwait.

He highlighted the efforts being undertaken by the government in cooperation with real estate developers to promote and support the export of Egyptian real estate abroad, which is planned to improve gradually to obtain a percentage of the total volume of export of real estate globally.

Egypt’s real estate has a competitive advantage to be exported abroad due to low prices of units compared to other neighboring markets.

He further noted that Egypt should be marketed as a destination for foreign clients, followed by the marketing of the city where the project is taking place. Atef also suggested that companies should also highlight their handling of challenges facing property export, including the unit’s registration problem so to encourage target foreign clients to buy.

He explained that the Central Bank of Egypt’s decision to slash interest rates has contributed to the revival of real estate sales due to a large proportion of investors’ newfound financial liquidity. Moreover, the decision encourages real estate companies to borrow at lower interest rates, which accelerates the pace of projects and enables them to take on expansion opportunities.

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Introducing sustainable development in Egypt’s real estate promotes property export https://wwww.dailynewssegypt.com/2019/10/28/introducing-sustainable-development-in-egypts-real-estate-promotes-property-export/ Mon, 28 Oct 2019 18:43:49 +0000 https://wwww.dailynewssegypt.com/?p=712342 Sustainability is a big and comprehensive concept, including green architecture, which preserves the environment, says MHDH co-founder

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Real estate developers, consultants, and designers discussed mechanisms of applying the concept of sustainable development in real estate projects and new cities developed by the state, as well as main challenges facing the implementation of this concept, during Architecture and Sustainable Development roundtable held on Saturday.

The panellists pointed out that introducing sustainable development should be a general orientation by the state in developing new cities to be generalised on private real estate sector. They highlighted the necessity to raise awareness of customers on the importance of green architecture and its impact on the cost of maintenance and facility management on the long term, and maintain investment value of projects.

They stressed the importance of initiating this concept as the state moves to expand the export of real estate and address foreign clients who are aware of sustainable development and interested in obtaining sustainable property.

Mohamed Abdel Ghany, chairperson of Engineering Consulting Bureau (ECB), said that Egypt has long been delayed in catching up with sustainability and green architecture, which is a very important subject especially in light of the current urban renaissance in Egypt.

Abdel Ghany added that the environmental and engineering sustainability aims largely to preserve the value of property, a thought adopted by developers and real estate companies in the current period, which maintains the value of property and ensures its competitiveness abroad.

Sustainability is a broader and more comprehensive concept than a green building, but the ecosystem as a whole is smart technology for optimal use of available energy and resources, Abdel Ghany elaborated.

Tarek Shoukry, chairperson of Real Estate Development Chamber at the Federation of Egyptian Industries (FEI) and chairperson of Arabia Holding, said that introducing sustainable development in Egypt’s real estate is so far theoretical, but applying it on the ground requires more investments by developers.

Shoukry noted that foreign clients evaluate real estate units based on the factor of sustainable development more than local clients, so the state must obligate the companies operating in the local market to consider this aspect when implementing their projects.

Meanwhile, Bashir Mostafa, chairperson of First Group, said many think applying sustainable development in building cities is just about providing wide green areas, but actually it includes many axes and technical details in terms of the implementation of real estate projects. It simply ensures the reuse of available resources in the area of the project and reduce wasted energy.

He highlighted that there is no general or unified vision among developers on green architecture, adding that “the state offers lands regardless its sustainability or providing methods to reduce the loss of energy in the project.”

Bashir stressed the need to change real estate designs to enable reducing energy consumption, which would also reduce the unit’s cost.

Raef Fahmy, founder of Raef Fahmy Architects, said that the idea of sustainability has several economic, social, physical, and environmental themes linked to each other, noting that the development of human needs drives more dependence on sustainability.

He pointed out that each developer aims to implement a profitable project, so that it can expand in implementing other projects.

Fahmy explained that developers need to take in mind the fact that their projects should fit different generations, setting Cairo Downtown as an example, as it became a repelling area for younger generations.

Moreover, Shady Mahmoud, business development director and co-founder of Distance Studio Consultants (DSC), said that the cost is an essential element in building units that save energy and water and is friendly environment, noting that green buildings are part of real estate sustainable development.

Mahmoud stressed, “We cannot blame developer or engineering consultants for not expanding the application of sustainable development, but the state should take the initiative and apply sustainability in its projects, so the private sector developers can follow.”

Also, Ahmed El Attal, chairperson of El Attal Holding and member of Real Estate Development Chamber, said ancient Egyptians applied sustainability in their buildings, especially the Pyramids, which shows the greatness of this civilization.

El Attal added that Egypt was ranked 87 out of 157 countries in the Sustainable Development Goals Index in 2017. “It’s our role as individuals, rather than developers, to save energy in all its forms.”

He explained that the state has exerted more efforts in debuting and implementing sustainability in new cities projects, such as New Administrative Capital and New Alamein, but there is no unified concept of sustainability among local developers.

El Attal revealed that the Administrative Capital for Urban Development (ACUD) puts 16 items for sustainable development in its contracts with developers in the NAC.

Ahmed Selim, CEO of Cairo Capital Developments and chairperson of Brickzey Commercial, said that applying sustainability in residential projects and convincing customers of its importance is difficult, as customers traditionally invest in commercial and administrative units, aiming to increase their properties’ value over time as they hold longer to it.

He added that property export requires introducing more sustainable projects and expand in implementation of serviced apartments, which are managed by hotel brands.

Mona Hussein, owner and co-founder of Mona Hussein Design House (MHDH) said that sustainability is a big and comprehensive concept that includes green architecture and preserves the environment. Therefore, the state must prioritise sustainability in modern urban development.

Mohamed Talaat, founder and chairperson of MT Architects, said Egypt Vision 2030 aims to achieve broader sustainable development, adding that by 2030, all buildings must be sustainable, unlike the current building conditions in Egypt.

Additionally, Amgad Shamaa, CEO of Amgad Shamaa Designs, believes that real estate developers should focus when implementing a new city or project on the selection of an architectural consultant who can offer a distinct real estate product and takes into account the finer details, including sustainability in the project.

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Orouba Misr launches Orouba Mall in Damanhour with EGP 5bn investments https://wwww.dailynewssegypt.com/2019/10/24/orouba-misr-launches-orouba-mall-in-damanhour-with-egp-5bn-investments/ Thu, 24 Oct 2019 19:48:49 +0000 https://wwww.dailynewssegypt.com/?p=712005 CEO of Orouba Misr Development Hazem El-Deeb said that the new commercial centre is the fourth, following  Alexandria and Tanta Malls and El-Sharkia Skyline Project, and will be considered the seventh amongst the company's total projects.

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Orouba Misr Development has announced the launch of the construction phase of Orouba Mall, one of the largest commercial projects in Damanhour, Beheira governorate, with investments worth EGP 5bn.

CEO of Orouba Misr Development Hazem El-Deeb said that the new commercial centre is the fourth, following  Alexandria and Tanta Malls and El-Sharkia Skyline Project, and will be considered the seventh amongst the company’s total projects.

Through this project, the company is also cooperating with the Ministry of Supply and Internal Trade, Al-Futtaim company, and one of the largest engineering and consultancy offices in Egypt to build the mall according to the latest international designs. The mall consists of one floor, nine meters high, and will include a Carrefour supermarket branch, El-Deeb elaborated.

“We provided a new idea that emulates global models, whether in the commercial or residential sector, in a charming city with a special nature like Alexandria. Today, with the opening of a new branch of the ‘Orouba Mall’ in Damanhour, we hope that this project will serve as a new gateway to the world of shopping tourism in Beheira Governorate, especially as it will include the largest and most famous local and international brands, restaurants, and cafes under one roof,” El-Deeb explained.

The Minister of Supply and Internal Trade Ali Al-Meselhy and Beheira’s Governor Hisham Amna witnessed the launch of the construction phase of Orouba Mall.

Minister of Supply and Internal Trade Ali Al-Meselhy confirmed that six logistic and commercial opportunities will be launched in November in six new governorates: Ismailia, Suez, Red Sea, El-Sharkia, Fayoum, and Al-Wadi Al-Gadid.

Al-Meselhy explained that internal trade will be developed once commodities trade decreases, which helps deliver goods to end consumers with low prices. He pointed out the importance of reducing the percentage of consumption of food, vegetables, and fruits through organising internal trade.

For his part, Amna said that the governorate is working to intensify efforts to complete the commercial logistics zone’s construction in Damanhour.

The logistics zone recently witnessed the placement of its foundation stone on the Cairo-Alexandria agricultural road worth EGP 5bn, the first of its kind in the province, which is expected to be completed within two years. He pointed out that this project represents a civilizational leap to boost investment and achieve commercial and economic prosperity in Beheira, Amna pointed out.

He added that the logistics zone targets more than ten million people and provides 17,000 jobs.

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Ajna Developments invests EGP 3bn in Ain Sokhna’s Carnelia project https://wwww.dailynewssegypt.com/2019/10/24/ajna-developments-invests-egp-3bn-in-ain-sokhnas-carnelia-project/ Thu, 24 Oct 2019 19:40:37 +0000 https://wwww.dailynewssegypt.com/?p=712002 Ajna to invest EGP 15bn over next 5 years in projects in Ain Sokhna, North Coast

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Ajna Developments debuts its new development in Egyptian market dubbed Carnelia in Ain Sokhna, with EGP 3bn of investments.

During a press conference held on Wednesday, the company unveiled its new project, Carnelia in Ain Sokhna, which covers an area of 100 feddan and offers 1,000 fully finished units, complete with air conditioning and kitchens. The unit types include villas, twin-houses, townhouses, as well as apartments, with sizes between 90 and 350 sqm.

Located 30 km from Ain Sokhna entrance gates, and 15 km from Al Zafarana Road, the project will see an investment of EGP 3bn spread across its five phases set to start delivering by 2024.

Ajna Developments is a shareholding real estate company with EGP 600m paid-in capital, which focused on the development of premium-quality residential, commercial, and mixed-use solutions.

Established in 2019, Ajna Developments is a boutique developer that sets out to redefine conventional perceptions of real estate in Egypt by capitalising on the combined decades-long expertise of its shareholders, who have a combined portfolio worth EGP 25bn, according to Osama Shalaby, chairperson of Ajna.

“Our vision aims at introducing a distinctive approach to real estate development through merging our shareholder expertise with that of acclaimed global experts,” Shalaby added.

Sherif Saleh, Chief Commercial Officer at Ajna Developments, noted that Carnelia’s location offers an assortment of fulfilling elements accentuated by 700-metre beach, 9,000-metre pools, and man-made lagoons that reach 12,000 metres.  

Carnelia’s master plan offers, vast green spaces, covering 83% of the project’s area, and sea views to 100% of its units. “The project is set to operate all year round with an assortment of entertainment, retail, and F&B options, alongside four clubhouses, allowing for a comprehensive, yet private experience,” said Amr Eid, Chief Development Officer at Ajna Developments.

As for the architectural design, Ajna Developments partnered with acclaimed Mexican architect, Javier Cuevas, founder of Creato Architects, as he has previously worked on signature buildings across the Middle East. However, Carnelia represents his first compound.

Eid pointed out that Ajna has partnerships with Sites International, one of the region’s top 5 names in master plan designing and has also collaborated with Collier Consulting, the leading investment consultant, to develop a boutique hotel within the project.

In order to offer supply for the growing demand in both the North Coast and Ain Sokhna, Ajna Developments has set a 5-year plan which will see the company invest EGP 15bn in a 100-feddan plot of land in the North Coast. The company is also projected to expand its portfolio by developing residential, commercial, and mixed-use real estate projects by increasing its land bank or partnerships.

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Grand Plaza completes 55% of La Mirada El Mostakbal’s concretes https://wwww.dailynewssegypt.com/2019/10/23/grand-plaza-completes-55-of-la-mirada-el-mostakbals-concretes/ Wed, 23 Oct 2019 10:57:42 +0000 https://wwww.dailynewssegypt.com/?p=711855 Company directs EGP 200m in construction works in current year, says chairperson

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Grand Plaza for Real Estate and Tourism Investment has completed 55% of concrete work in its first phase of La Mirada El Mostakbal in Mostakbal City, East Cairo with EGP 5.5bn investments, according to Chairperson Sherif Osman.

Osman noted that the company plans to complete the concrete work for this phase in the middle of next year, with the delivery of units to begin in 2022.

Osman pointed out that construction works are a top priority for the company, especially in light of the changes in cost. He explained that the company believes the best way to market the project is by accelerating construction works. He believes this too will prove the company’s seriousness to investors.

The company has so far pumped approximately EGP 200m in concrete works, he disclosed, adding that all revenues from contracting with customers went to construction.

“Grand Plaza has sold two out of the six phases of the La Mirada project, where it signed an agreement with Housing and Development Real Estate Investment Company, whereby the latter will receive the full fifth phase, which includes about 1,200 units.

He pointed out that the first and fifth phases of the project represent about 50% of the total units in La Mirada El Mostakbal.

The project spans over 77 feddan, with expected sales of EGP 3.8bn in the project’s residential part, he said, adding “The company has achieved sales worth EGP 800m by the end of 2018.”

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Master Group launches Ibiza chillout project in Ain Sokhna https://wwww.dailynewssegypt.com/2019/10/23/master-group-launches-ibiza-chillout-project-in-ain-sokhna/ Wed, 23 Oct 2019 10:54:14 +0000 https://wwww.dailynewssegypt.com/?p=711848 Company launched the project in NextMove exhibition with 15% discount

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Master Group, for construction and development, has exhibited its first project in Ain Sokhna dubbed Ibiza chillout at the NextMove exhibition in Egypt between 17-19 October, with discount reaching 15% for purchased units at the exhibition.

Chairperson of the company, Muhammad Lasheen said that the company plans to invest EGP 3bn in Ibiza chillout project on an area of 27.5 feddan.

Lasheen noted that Ibiza chillout is the company’s third project after The City and The City Valley, in the New Administrative Capital.

He pointed out that the two projects’ investments amounted to EGP 12bn.

The new project is a result of the confidence the Master Group has in the Egyptian market. The new project will fall under leisure tourism and is predicted to do very well as Egypt’s geographical location and constant moderate weather offers prime conditions for it, he elaborated.

Lasheen added further that Ain Sokhna is planned to include more than 200 hotel rooms, outdoor swimming pools, and sports activities as well as the most luxurious sauna and health club, which will make the city a tourist destination for domestic and foreign tourists throughout the year.

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New Jersey Developments debuts EGP 1.5bn project in Ain Sokhna https://wwww.dailynewssegypt.com/2019/10/23/new-jersey-developments-debuts-egp-1-5bn-project-in-ain-sokhna/ Wed, 23 Oct 2019 10:52:25 +0000 https://wwww.dailynewssegypt.com/?p=711851 Company has sold two phases of Green Avenue New Capital

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New Jersey Developments intends to launch its new project in New Galala city, Ain Sokhna with investments reaching EGP 1.5bn, according to Chairperson Gerges Youssef.

Youssef noted that the company is interested in investing in the most promising areas of investment in the Egyptian market, led by the New Galala city, a smart city on the ground of Egypt. New Galala city is meant to be the second largest national project after the New Administrative Capital (NAC).

Youssef elaborated that the company is developing its Green Avenue project in NAC, pointing out that the company has managed to sell out the first two phases of the project.

The commercial and medical part of the project will be launched soon with special facilities suitable for all clients and the commercial part of the project with areas of 45 to 800 sqm, he stated, pointing out “The total sales of the project are expected to reach EGP 1.4bn.”

Green Avenue is located in district R7 next to the British University, Diplomatic Area. Expo City will be built on 11.5 feddan with a built up area of 22.5% with the rest of the project’s space to be allocated for green areas, roads, and services. Currently, there will be 490 units with dimensions starting from 115 sqm to 370 sqm to meet clients’ demands with payment plans reaching 10 years

He stressed that the Egyptian real estate market has become one of the largest global markets due to its high volume of demand in conjunction with an increasing population, adding that the market needs about 2m – 3m housing units annually in various areas to cope with rapid population growth.

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