Khaled Sabry, the chairperson of Khaled Sabry Development, has said that the company targets recording EGP 4bn in sales this year of the Rosail City project at Mostakbal City, East Cairo. The company has offered the project for sale a year ago. It spans 61 feddan and includes villas and apartment buildings with investments totalling EGP 17bn following recent price increases, he noted.
Additionally, the company owns two projects under construction in the New Administrative Capital (NAC), and the construction is progressing according to the scheduled timeline.
Sabry said: “We are currently selling the first phase and expect to complete sales within a month. The project is divided into four phases, and we are ahead of the construction schedule. We plan to deliver the first phase of the project by the end of the year, even though it was initially scheduled for completion by June 2027, thus finishing three years ahead of schedule.
The first project in the NAC, Ronza, was launched in June 2021 with a sales target of EGP 1bn. Spanning a total area of 14,400 sqm, the project includes 4 basements, a ground floor, and 11 floors dedicated to commercial, administrative spaces, and medical clinics. It is set to be completed within 18 months.
The second project, Ryan Tower, located in the NAC’s CBD area, consists of a ground floor and 17 additional floors covering 23,400 sqm above ground, along with four basements. The project features units valued at EGP 1.2bn, contributing to an overall sales target of EGP 2bn. Construction has just begun, meanwhile, the company is revising the design due to the addition of new floors, requiring updates to both structural and architectural designs, according to Sabry.
The company is also preparing a new project in Area R7 of the New Administrative Capital, which will cover 55,000 sqm of commercial space and is scheduled for launch at the beginning of next year.
Furthermore, Khaled Sabry Development is contracting with a solar energy company to fully power the public and service areas of the company’s projects with solar panels, he disclosed.
Sabry stated, “The company is considering launching a new project in Future City, which will consist entirely of hotel units and is currently preparing the master plan for this project. Additionally, preparations are underway for a new project in the North Coast, expected to be launched next summer, covering more than 100 feddan.”
Regarding prices, he commented that the company has increased its rates due to the rising costs of construction materials, the exchange rate fluctuations, and the higher bank interest rates, which have impacted the feasibility studies for sales operations. The company has maintained its prices for a period but may implement an increase in the third quarter of this year due to anticipated higher demand for real estate. Price increases are expected to be natural, depending on the project, its area, and demand, with a forecasted 5% increase in the third quarter.
