Royal Developments aims to achieve EGP 2.5bn in sales from its projects in 2024, according to CEO Karim Shaalan.
Shaalan said that the company plans to invest EGP 270m in the next year to finish construction works on its projects.
He told Daily News Egypt that the company achieved sales of EGP 2bn in 2023.
He also said that the company delivered the first phase of the Capital Prime project in New Administrative Capital (NAC), east Cairo, in December 2023, which included commercial and administrative units. The medical units within the project will be delivered in March 2024.
The first phase of the Monarch project in Mostakbal City, east Cairo, will be delivered in 2027, Shaalan added. He said that the company will complete the second and third phases of the project and hand over the entire project in 2027.
Shaalan said that Royal Developments is currently studying offers from major companies to contract to manage the commercial properties of the Capital Prime project. The company will start its operation in the NAC in the first quarter of 2024, to ensure the quality of its products after operation.
Shaalan expects a significant increase in demand for real estate and a recovery in the real estate market in 2024. He said that investing in real estate is the best option for citizens to protect their savings because it is the best long-term investment.
He also said that the real estate market will witness a 30% increase in prices if there is no new devaluation of the pound. However, if the pound depreciates, prices will surge by large margins. He explained that real estate prices increased by more than 60% in 2023 due to the rise in raw material prices.
As for Monarch in Mostakbal City, Shaalan said that the company sold 100% of the units in the first phase and 40% of the units in the second phase in the past month. These sales represent 30% of the total units in the project, with sales of EGP 1.8bn.
He expects to record sales of EGP 6bn from the residential part of the project. He said that the company has started land leveling to prepare for concrete works.
