Upturn Developments has pumped a total of about EGP 300m in investments into its residential projects, including 23 diversified projects in New Cairo, according to the company’s Chairperson El Sayed Mossad.
Mossad said that the company is currently in the process of launching the third phase of the 1,500 sqm Centric Business District in New Cairo, in which it is targeting sales of EGP 200m. This phase includes about 40 units in a variety of areas starting from 59 sqm.
He added that the company plans to complete the phase marketing for the development during the last quarter (Q4) of 2020.
Mossad said that Upturn Developments’ expansion plan during the coming period includes forays in the New Administrative Capital (NAC), with the company also planning to launch a new project during Q1 of 2020.
He said that the NAC is one of the most promising national projects launched by the state, due to its clear and specific vision focused on moving urban congestion outside of Cairo. Moreover, the government’s move to the capital will boost demand by developers to invest in such mega projects.
He disclosed that Upturn Developments intends to invest in New Alamein City on Egypt’s North Coast, which is experiencing an unprecedented boom in real estate interest.
Mossad said that the state is looking to turn the North Coast region, which is traditionally used by Egyptians as a summer season getaway, into an area with year-round habitation, on a par with other big cities in Egypt.
Consequently, Upturn Developments plans to develop a residential and commercial project in New Alamein City, he said. He noted that investment in the West Cairo area is not included in the company’s expansion plan in the current period.
