Afaaq Construction and Real Estate Investment celebrated the opening and handover of its 30,000 sqm Amorada New Cairo residential compound, two years ahead of schedule.
Amorada, which was constructed with total investments amounted to EGP 600m, boasts a built-up area of 22.5%, and includes 272 units of varying areas, in addition to a commercial mall.
Osama El Etreby, Chairperson of Afaaq, said that the project was launched in the first quarter (Q1) of 2018, with delivery planned by the end of 2022. With this occurring in early October 2020, the company has, however, delivered well ahead of schedule.
“The company has 25 years of experience in the real estate market, during which it was able to develop various projects in multiple places, including the North Coast and Ras Sidr,” El Etreby said, “Moreover, the company has an ambitious plan to be present in new areas such as New Alamein and the New Administrative Capital (NAC) in the coming period.”
He noted that the local real estate market was able to maintain its continuity and return at stronger rates, due to the strong demand. This is due to the real estate sector’s strong promise, with the sector also contributing about 18% towards Egypt’s GDP.
He added that the real estate sector depends on real demand rather than demand for investment, due to the country’s significant population increase and the constant annual rate of demand for real estate.
El Etreby said that the company is preparing to put forward a tender for consulting works on the 4,800 sqm commercial mall in Amorada.
He also said that the company owns a number of housing projects in the Delta governorates, including Kafr El-Sheikh. In addition to this, it has developed the Nasr Towers project in Mahalla, Gharbeya governorate, which includes 880 housing units, commercial activities and a garage area.
This is in addition to Afaaq having developed a number of tourism projects along the North Coast, El Etreby said. The company owns a land bank of 42 plots in the North Coast area, and is currently studying the investment opportunities there with which to develop a new project as part of its project portfolio diversification.
The company is self-financing its projects, and does not expect to borrow from banks as part of its expansion plans during the coming period, El Etreby said.
