Real Estate – Daily News Egypt https://dailynewsegypt.com Egypt’s Only Daily Independent Newspaper In English Sun, 19 May 2019 07:00:02 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Talaat Mostafa Group: Egypt’s leading real estate developer https://dailynewsegypt.com/2019/05/16/talaat-mostafa-group-egypts-leading-real-estate-developer/ Thu, 16 May 2019 11:16:47 +0000 https://www.dailynewsegypt.com/?p=698273 In 2018 TMG achieved EGP 1.7bn in profits, followed by MNHD with EGP 1.08bn, Palm Hills EGP 811.7m

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Talaat Mostafa Group (TMG) is one of the leading and largest real estate developers in Egypt. TMG is the sole company to develop fully integrated cities in the country.

As for its assets in Egypt, TMG fixed assets, led by the real estate developer Hisham Talaat Mostafa, is estimated at EGP 23.8bn, making the company Egypt’s top real estate developer in terms of assets size. The Group is followed by Palm Hills with total fixed assets of EGP 15.7bn, then SODIC with EGP 8.1bn and Madinat Nasr for Housing and Development (MNHD) with EGP 6.2bn.

Being the biggest fixed assets of the Group and the most famous, the value of TMG brand value reached EGP 13.1bn, or more than 55% of its fixed assets, thanks to the tremendous achievement by the Group under the leadership of Hisham Talaat Mostafa, TMG Managing Director.

As for its capital, Talaat Mostafa Group is the pioneering real estate developer; its capital reached EGP 20.6bn, followed by SODIC with total capital of EGP 6.2bn. This huge capital provides TMG with the required financial liquidity to implement its mega projects and meet its clients’ needs.

In 2019, TMG revenues grew by EGP 10.9bn at 28.2% increase compared to 2018. The profits of its real estate projects, managed by Hisham Talaat Mostafa, represent 68.8% of the revenues, while 31.2% come from hotels and activities with periodical revenues such as shopping malls, clubs,  administrative and business buildings.

Moreover, TMG profits surged by 30.8% to reach EGP 1.7bn by the end of last year; thus topping other real estate companies. It is followed by MNHD after its profits grew to EGP 1.08bn at 22.2% increase.

Palm Hills profits hiked to EGP 811.7m up from EGP 805.6m a year earlier. However, the profits growth did not exceed 0.75%, driven by high administrative expenses that reached EGP 963.5m at 27.4% increase, in addition to high interests of land instalments that were doubled to reach EGP 249.6m.

Back to TMG Group, it succeeded in reducing its non-current liabilities to EGP 6.4bn against EGP 7.2bn; as the loans increased slightly by 1.6% only and its long-term liabilities were undermined to 3.2bn, or by 23.8%.

On the other hand, TMG current liabilities went up to EGP 59.4bn; however, the increase of the clients’ down payments for TMG projects surged to EGP 33.8bn against EGP 24.1bn marking an increase of 40.2%.

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Intelli-Cities exhibition to be held in December with participation of 15 real estate developers https://dailynewsegypt.com/2019/05/13/intelli-cities-exhibition-to-be-held-in-december-with-participation-of-15-real-estate-developers/ Mon, 13 May 2019 09:30:56 +0000 https://www.dailynewsegypt.com/?p=697920 New Administrative Capital expected to participate in Intelli-Cities: Kamal

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Trade Fairs International plans to launch the Intelli-Cities exhibition on 1 December in the same period of Cairo ICT exhibition with the participation of a number of well-known and reputable real estate developers and government agencies.

Osama Kamal, managing director of Trade Fairs International, told Daily News Egypt that the exhibition is seeking to include the Administrative Capital for Urban Development (ACUD) Company for its first time exhibition participation.

Kamal noted that the coming edition of the exhibition will focus on bringing smart integrated urban communities, new thinking and raising awareness among citizens about the importance of the availability of integrated services in real estate products in the market. This is accompanied by the goal of ending traditional thinking in building new residential communities.

The Managing Director of Trade Fairs International expected the participation of 15 real estate developers compared to about 10 developers in 2018,  as well as the participation of New Urban Communities Authority (NUCA), in addition to technology companies specialised in supporting the provision of integrated services for residential projects.

The exhibition will be held on an area of 7,000 sqm within the Cairo ICT exhibition in Egypt’s International Exhibition Center (EIEC), he elaborated. The exhibition will focus on establishing the idea of implementing a modern technological structure in the development of new urban communities as the cornerstone of modern smart cities, as well as meeting the needs of customers in providing the best integrated services.

Moreover, the Intelli-Cities exhibition offers developers several advantages: self-branding, acquiring data on customers’ needs as pertaining to smart homes and cities, as well as benefiting from Cairo’s ICT exhibition visitors which are estimated at 100,000.

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MG Developments launches first permanent Kitesurfing centre in Blue Blue Sokhna Resort https://dailynewsegypt.com/2019/05/13/mg-developments-launches-first-permanent-kitesurfing-centre-in-blue-blue-sokhna-resort/ Mon, 13 May 2019 09:00:45 +0000 https://www.dailynewsegypt.com/?p=697923 Company completed pilot operation, started actual operation of centre: Centre Manager

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MG Developments, developer of Blue Blue Resort El Sokhna, announced the launch of the first permanent kitesurfing (also known as kiteboarding) centre in Ain Sokhna following the experimental operation period.

The centre is one of a range of entertainment and sports services at Blue Blue Resort, which investments reaching EGP 2bn.

The resort extends over an area of 120,000sqm, and features a variety of chalets with varying sizes to suit all tastes, with the beach being 300m long.

Aya Al Shenawy, head of development, MG Developments, said that the Kitesurfing Sports Centre is the first in Ain Sokhna, and is considered the first kitesurfing centre to be developed by the company.

Karim El-Khashab, head of the Kitesurfing Sports Centre, noted that the pilot operation was begun last summer and now the centre is fully operatal in a way that allows customers to enjoy their annual vacation within Blue Blue Resort.

Blue Blue will work during the coming period to sponsor a number of competitions for kitesurfing and receive players and fans from around the world as a form of boosting and promoting tourism, said Mohamed Abdel Mordy, commercial director at MG Developments.

Abdel Mordy cited that the idea of establishing the kitesurfing centre inside the resort was due to Blue Blue’s location as the nearest sports centre for this type of sport to Cairo and close to the windmills area in Sokhna, which is far from the mountain by around 30km.

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The Address purposes achieved EGP 3bn in sales for developers in 2019 https://dailynewsegypt.com/2019/05/13/the-address-purposes-achieved-egp-3bn-in-sales-for-developers-in-2019/ Mon, 13 May 2019 08:30:36 +0000 https://www.dailynewsegypt.com/?p=697917 Company recorded EGP 1.4bn in sales for developers during 2018: Chairperson

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The Address for Real Estate Consultancy purposes achieved sales worth EGP 3bn for developers this year, according to Amr Badr, chairperson of the company.

Badr said that the company has achieved EGP1.4bn in sales for developers by the end of last year.

Furthermore, Badr added that the company markets 20 diversified projects to real estate companies in the New Administrative Capital (NAC) and that The Address is currently negotiating the marketing of new projects in different areas.

The NAC topped the scene during the past year in terms of customer’s demand rates, Badr noted, as the NAC’s projects accounted for about 25% of the company’s sales in 2018.

The total projects that the company is marketing is 65 for developers spread over more than 100 projects located in different residential areas namely the NAC, New Cairo, Mostakbal City, and the North Coast, he disclosed.

The chairperson explained that the launch of a package of cities and new urban communities contributed to diversifying investment opportunities for developers, which in return led to an increase in the volume of offered projects in the market last year.

The North Coast remains the first destination for second home seekers with the strong offerings in Ain Sokhna during the recent period along with the volume of development that takes place in the Galala Plateau region which draws many customers to live in as a first home because it is close to the NAC, he added.

Badr pointed out that the west Cairo area will witness a strong demand for housing and investment in the coming period due to the implementation of a number of megaprojects, in partnership between developers and New Urban Communities Authority, in addition to the great development being carried out. Moreover, the state plans to turn west Cairo into a touristic capital for Egypt with the inauguration of the Grand Egyptian Museum, and new cities such as the New Sphinx, among others.

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Al-Wadi invests EGP 2bn in Agora Sidi Abdel Rahman project https://dailynewsegypt.com/2019/05/13/al-wadi-invests-egp-2bn-in-agora-sidi-abdel-rahman-project/ Mon, 13 May 2019 08:00:35 +0000 https://www.dailynewsegypt.com/?p=697912 Company plans to launch 400 new housing units in Agora Sidi Abdel Rahman in North Coast this year

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Al-Wadi Tourism Investment and Real Estate directs EGP 2bn in investments to Agora Sidi Abdel Rahman project in North Coast, according to the company’s Commercial Director Ahmed Samir.

Samir told Daily News Egypt that the company plans to launch 400 new housing units in Agora Sidi Abdel Rahman project this year with areas ranging from 55 to 170 sqm.

He further noted that the company targets achieving sales of about EGP 400m in the current year.

Spanning over 21 feddan, Agora is a residential tourism project comprises 900 units and a hotel includes 120 rooms, in addition to a commercial part of the project which is a commercial mall located on an area of 21,000 sqm, Samir noted.

Samir added that the commercial mall has been fully operated and includes several intentional brands to serves the project’s clients and the surrounding area.

He elaborated that the company has developed four phases in the project which constitutes about 40%, as well as the company has managed to market 40% of Agora, adding that the project is being marketed on six phases.

“The commercial centre of the project encompasses several international brands, notably IKEA, which opened its second headquarters in Egypt and the first in the North Coast inside Agora on an area of 1,200 sqm,” he pointed out. “Three phases have been delivered to our clients and have been operating for two years. The project is run efficiently during the summer season due to integration of the project services and implementation of a large part of it.”

Samir stressed the importance of the development plan that the state is currently adopting to operate the North Coast region during the whole year and not only during summer season, especially with the existence of the state as the first developer in New Alamein city to implement a number of residential projects that attract developers to invest in the city.

“It is important that the state operates as a major developer in any new city to take the first risk and provide the necessary infrastructure to encourage developers to be in these cities. Therefore, developers are waiting for the state’s offerings for investment opportunities in New Alamein during the coming period to benefit from the state’s presence in the early phases of the city development,” he noted.

He expected that property prices in North Coast are expected to increase by about 50% over the next two years due to huge development process is being undertaken in the region, projecting high demand on buying and investing in the North Coast region over the next five years.

Additionally, he revealed that the company plans to capture new investment opportunities for next year in several areas identified by the company including Ain Sokhna and New Cairo and then West Cairo in cities of Sheikh Zayed and Sixth of October.

He explained that West Cairo is witnessing a demand coincides with the implementation of a series of major residential projects in partnership with real estate developers and the New Urban Communities Authority.

The market is expected to witness price increases of between 20 and 25% during the current year due to the high price of fuel expected next month, but the fear is the acceptance of customers to the increase and the continuation of the performance of companies with the same strength and achieve targeted sales for the current year, he forecasted.

He commented that the move to implement various residential units within the projects portfolio of real estate developer is a strong opportunity to maintain sales of companies during the coming period. Besides, the volume of efforts exerted by the government to support real estate sector recently confirms the importance of this sector and its role in supporting local economy.

The commercial director confirmed the importance of the state’s approach in cooperation with real estate developers to export real estate projects abroad in the coming period, which provides the element of confidence in the companies that operate abroad.

He pointed out that Egypt can acquire a considerable share of property export globally.

He revealed that sales of foreigners in Agora Sidi Abdel Rahman project constitutes about 10%, a good proportion which the company seeks to increase in the remaining units of the project.

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MNHD records EGP 634.2m in consolidated revenues in Q1 https://dailynewsegypt.com/2019/05/09/mnhd-records-egp-634-2m-in-consolidated-revenues-in-q1/ Thu, 09 May 2019 14:12:06 +0000 https://www.dailynewsegypt.com/?p=697624 Madinet Nasr Housing and Development (MNHD), an urban developer in Egypt, recorded consolidated revenues of EGP 634.2m in the first quarter (Q1) of 2019, up 3.8% year-over-year (y-o-y) from the EGP 610.8m recorded during Q1 of 2018. MNHD announced on Thursday its results for Q1 ending 31 March 2019, reporting that consolidated net profits for …

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Madinet Nasr Housing and Development (MNHD), an urban developer in Egypt, recorded consolidated revenues of EGP 634.2m in the first quarter (Q1) of 2019, up 3.8% year-over-year (y-o-y) from the EGP 610.8m recorded during Q1 of 2018.

MNHD announced on Thursday its results for Q1 ending 31 March 2019, reporting that consolidated net profits for the quarter increased 4.8% y-o-y to EGP 328.7m in Q1 of 2019 from the EGP 313.5m recorded during the same quarter of last year, reflecting a slight net margin expansion of 0.5 percentage points to 51.8% in Q1 of 2019.

During Q1 of the year MNHD’s presales increased 8.9% y-o-y to EGP 1.72bn from EGP 1.58bn recorded during the same period last year.

The company elaborated that the presales were driven by strong demand for residential units combined with the launch of Cobalt Business District (CBD) in Taj City, the first office park to be launched by MNHD.

Moreover, MNHD has delivered 68 units up 70% y-o-y during the first three months of 2019, bringing the total number of units delivered as of 31 March 2019 in Tag Sultan and Primera to 1,971.

On a standalone basis, revenues came in at EGP 570.4m for Q1 of 2019 up from the EGP 545.3m recorded during the same quarter last year and representing a 4.6% y-o-y in top-line expansion. Standalone net profits reported a 1.0% y-o-y increase to EGP 332.1m compared to EGP 328.9m recorded in Q1 of 2018. Net profit margins contracted 2.1 percentage points, coming in at 58.2% in Q1 of 2019 compared to the 60.3% recorded in the same quarter last year.

Presales at Taj City recorded EGP 595m in Q1 of 2019, representing 200 units. This marked a contraction from the EGP 1,193m recorded in Q1 of last year due to the company’s concentration on SARAI this quarter.

Additionally, the total presales at MNHD’s SARAI development amounted to EGP 634m during Q1 of 2019, representing 235 units, and a significant increase compared to the EGP 311m in presales recorded in Q1 last year.

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Real Estate Council submits proposal to provide social housing in partnership with state https://dailynewsegypt.com/2019/05/08/real-estate-council-submits-proposal-to-provide-social-housing-in-partnership-with-state/ Wed, 08 May 2019 20:32:07 +0000 https://www.dailynewsegypt.com/?p=697592 Chairperson of the Egyptian Real Estate Council, Adel Lotfy, said that the council has completed a draft of the proposal for developing social housing for youth in partnership with the state. Lotfy added that the council has submitted the proposal to New Urban Communities Authority (NUCA), which focused on setting a price ceiling for the …

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Chairperson of the Egyptian Real Estate Council, Adel Lotfy, said that the council has completed a draft of the proposal for developing social housing for youth in partnership with the state.

Lotfy added that the council has submitted the proposal to New Urban Communities Authority (NUCA), which focused on setting a price ceiling for the sale of these units, to discuss and reach agreements on the draft for implementation and the provision of these units within the state initiative to provide housing for the most needy groups in the community.

He pointed out that the state had to shoulder a heavy burden in order to provide these units that exceed its potential, especially with the implementation of megaprojects and the establishment of new cities in different governorates, which requires cooperation and partnership between the state and the private sector to share this burden.

Furthermore, Lotfy noted that the council has also prepared a draft proposal for the Real Estate Developers Federation Law and submitted it to the NUCA and the ministry of housing for discussion, including several points that should be taken into consideration when establishing a federation of real estate developers.

“The council always focuses in its dealings to cooperate fully with all entities and bodies representing developers such as the Real Estate Investment Division at the Federation of the Egyptian Chambers of Commerce (FEDCOC), the Real Estate Development Chamber of the Federation of Egyptian Industries and Real Estate and Construction Committee of Egyptian Businessmen Association as concerned official bodies in the sector,”  Lotfy explained.

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Better Home decides to abolish expenses of unit’s ownership transfer https://dailynewsegypt.com/2019/05/06/better-home-decides-to-abolish-expenses-of-units-ownership-transfer/ Mon, 06 May 2019 10:30:51 +0000 https://www.dailynewsegypt.com/?p=697265 The board of directors of the Better Home Group company issued a decision to abolish expenses of transferring units’ ownership in the company’s projects, estimated at about 6% of the total value of the residential unit, as a facilitation for customers. The company pointed out that the board of directors decided to abolish these expenses …

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The board of directors of the Better Home Group company issued a decision to abolish expenses of transferring units’ ownership in the company’s projects, estimated at about 6% of the total value of the residential unit, as a facilitation for customers.

The company pointed out that the board of directors decided to abolish these expenses as per the New Urban Communities Authority (NUCA) and Article 15 of the Consumer Protection Law, stressing the company’s keenness to meet all customer wishes and facilitating them.

Furthermore, Better Home Group confirmed that the current period witnessed an unprecedented urban development boom coinciding with the establishment of procedures and legislations to regulate the real estate market, which ultimately serves the interest of the state, consumers, and companies operating in the sector, and reflects an insight into market regulations.

The company is keen to be the first real estate developer in the New Administrative Capital (NAC) through the implementation of its first project by acquiring a plot of land in the first land offering in the Capital with an area of 60 feddan, called Midtown New Capital, which has a geographical location near Cairo Expo City, Almasa Royal Palace, Central Park, the Cathedral, and Green River.

Additionally, the company owns the Midtwon Solo project on 66 feddan in R7, comprising of standalone villas with various spaces and prices. In addition, Midtown Condo, which is the third project for Better Home Group in the NAC, and spans over 60 feddan in R7, close to embassies district in the NAC, encompasses apartments only.

Moreover, the company has recently launched the fourth project in the NAC, which is Midtown Sky, stretching over 122 feddan in R7, and includes standalone villas, twin houses, townhouses, apartments, as well as commercial units.

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Mariout Hills launches first sustainable city in North Coast https://dailynewsegypt.com/2019/05/06/mariout-hills-launches-first-sustainable-city-in-north-coast/ Mon, 06 May 2019 10:00:44 +0000 https://www.dailynewsegypt.com/?p=697260 The investment cost for the first phase of the first sustainable “eco-city” in Egypt is EGP 2.4bn, Ahmed Hassan, chairperson of Mariout Hills Developments, a specialist in sustainable cities, said. Hassan noted that the eco-city will be located in the North Coast, explaining that it will comprise of residential units which comply with all globally …

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The investment cost for the first phase of the first sustainable “eco-city” in Egypt is EGP 2.4bn, Ahmed Hassan, chairperson of Mariout Hills Developments, a specialist in sustainable cities, said.

Hassan noted that the eco-city will be located in the North Coast, explaining that it will comprise of residential units which comply with all globally adopted environmental requirements, and depends entirely on clean energy from solar power plants, potable drinking water production units with condensation technology in order to achieve full self-sufficiency in energy, water, and organic food.

Furthermore, he elaborated that the sustainable development project is a community that combines housing and accommodation, health tourism, educational, medical, and recreational services and sports investment, with higher investment returns than the existing ones due to the low consumption cost.

Hassan pointed out that sustainable development should represent the future vision of the pioneers of reconstruction in Egypt and the Middle East, a departure from the traditional building style, to establish eco-friendly and non-resource depleting cities.

Marriott Hills Developments is a Swiss-Egyptian multinational company and a member of the Swiss Egyptian Business Association, which includes nationalities from 15 Arab and European countries, notably Denmark, Switzerland, Austria, Sweden, the United Kingdom, Australia, the UAE, Kuwait, and Bahrain.

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Trulia for Real Estate to contract with 30 developers to market their projects https://dailynewsegypt.com/2019/05/06/trulia-for-real-estate-to-contract-with-30-developers-to-market-their-projects/ Mon, 06 May 2019 09:30:14 +0000 https://www.dailynewsegypt.com/?p=697257 Trulia for Real Estate has started contracting with a group of leading real estate developers in Egypt to market their residential, commercial, and coastal projects, and is negotiating to include more projects in its marketing portfolio. Ahmed Abdel Naeem, chairperson of Trulia, said his company has started contracting with 30 real estate companies to market …

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Trulia for Real Estate has started contracting with a group of leading real estate developers in Egypt to market their residential, commercial, and coastal projects, and is negotiating to include more projects in its marketing portfolio.

Ahmed Abdel Naeem, chairperson of Trulia, said his company has started contracting with 30 real estate companies to market their projects, and is characterised by geographical and price diversity to satisfy the needs of the largest segment of customers.

Abdel Naeem explained that the residential projects are distributed in several cities, including New Cairo, the New Administrative Capital (NAC), the Sixth of October, and Sheikh Zayed. The company also offers its coastal offers in the North Coast, Ain Sokhna, El Gouna, Marsa Alam, and Sahl Hasheesh.

Furthermore, he noted that Trulia focused on its contract on projects in the NAC because of excellent investment opportunities there, as a promising city which grabs the attention of customers in the current period in addition to the great interest of the state by promoting the project and providing factors of success as a national project. The NAC and Ain Sokhna represents 60% of the contracted projects, he revealed.

Mohammed Moustafa, vice chairperson and head of sales, said that the company has set up a plan for external marketing and export of real estate in line with the state’s strategy.

Moustafa added that the company is currently considering signing cooperation protocols with several marketing companies outside Egypt.

He pointed out that Trulia relies on the experience of its large market founders, which extends for more than 10 years, along with the inclusion of a large number of experienced marketing consultants, which facilitated the signing of numerous contracts with large real estate companies.

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Al Riyadh Misr to deliver 100 units by year-end in Shorouk City https://dailynewsegypt.com/2019/05/06/al-riyadh-misr-to-deliver-100-units-by-year-end-in-shorouk-city/ Mon, 06 May 2019 09:00:45 +0000 https://www.dailynewsegypt.com/?p=697248 Company achieved 30% of targeted sales by end of Q1 of 2019

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Al Riyadh Misr for Real Estate Development plans to deliver 10 separate buildings comprising of 100 units by the end of the current year in Shorouk City, Hossam Abd El Ghany, vice chairperson of the company told Daily News Egypt.

Abd El Ghany added that the company targets selling 250 units in the current year, out of which 100 units are in El Narges, New Cairo.

The company is developing separate buildings projects in Beit Alwatan, El Narges in New Cairo and Shorouk City on areas of 500 sqm to 1,200 sqm, Abd El Ghany noted.

He further disclosed that the company is developing a mini compound in Beit Alwatan encompassing about 25 units, adding that the company plans to launch another two mini compounds in El Narges and Shorouk City with spaces of 157 sqm to 212 sqm.

“Due to high competition in New Cairo especially in Beit Alwatan, New Cairo, the company has developed and launched new products which depends on a garden attached to a studio for every unit in the building, meaning that the client who buys a unit owns a garden and a studio unit with spaces ranging between 20 sqm to 30 sqm on the ground floor,” Abd El Ghany explained. “We are the exclusive and first developers in Egypt to introduce for each apartment all amenities needed for a luxurious life. The idea is the result of intensive research in the Egyptian market to introduce residential solutions with advanced perspective,” maintained the vice chairperson of the company.

Moreover, he elaborated that the apartment has a garden, studio, storage and parking area, adding that the company will deliver units half finished with spaces starting from 130 sqm to 210 sqm. Meanwhile the studios will be fully finished with a solid infrastructure to prevent damage from heavy rain or sanitation services.

With a facilitated payment plan reaches five years and a 0% down-payment, the company plans to develop 500 units in three years, out of which 100 units will be delivered in the current year. The price per square meter is between EGP 6,000-8,000 in Beit Alwatan, ranges between EGP 5,000-7,000 in Shoruk City, and starts from EGP 7,000 to EGP 9,000 in El Narges area.

Commenting on the effect of the launch of New Administrative Capital (NAC) on the projects of New Cairo, Abd El Ghany said that the launch of the NAC project promoted the sales of projects in Beit Alwatan and El Narges regions, especially considering its proximity to Madinaty and Rehab City.

He pointed out that the NAC is by far the largest national project, and it is receiving great interest by the Egyptian state, and witnesses significant demand by Egyptians and home seekers.

“The company has achieved 30% of targeted sales by the end of the first quarter (Q1) of the current year,” Abd El Ghany noted, adding, “The company is keen on carefully selecting clients to preserve the developed community.”

Additionally, the company targets launching a compound project in east Cairo in 2020-2021, eying investment opportunities in Mostakbal City or the NAC, he revealed, noting that the company has enough land bank for developing more projects.

Abd El Ghany expected price hikes of 5% in Egypt’s real estate market in the current year in the event of increased oil prices.

AL Riyadh Misr is a national real estate development company. The company has been working in the Egyptian real estate market since 2007, and since 2016 the company began to market its projects and others’ projects.

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Al Marasem launches ‘Partners Not Only Clients’ real estate investment system https://dailynewsegypt.com/2019/05/06/al-marasem-launches-partners-not-only-clients-real-estate-investment-system/ Mon, 06 May 2019 08:30:39 +0000 https://www.dailynewsegypt.com/?p=697254 Partnership system: investor owns 50% of unit value, Al Marasem owns other 50%

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Al Marasem International for Development has launched a new real estate investment system called ‘Partners and Not Only Clients’ in its Fifth Square project, the first of its real estate investment projects.

During a Saturday press conference, the company said that the project is built on 158 feddan in the Fifth Settlement, New Cairo, and it was launched in the second half of 2017, noting that the delivery of the first phase of the project will begin in 2020.

The company revealed that the project’s investments are estimated at EGP 1.4bn. 

Furthermore, Al Marasem said that investment in luxury residential compounds with premium services is best for real estate investors, given the high return on investment through resale or high-value rent–however the biggest obstacle is to increase the investment value which may exceed the capacity of many investors. Therefore, Al Marasem has developed a partnership system to enable investors to invest in a high quality distinguished product in the real estate market, thus incurring a high rate of return on investment in case of sale, as well as high rental value in case of investment for rent.

This is done by paying the value of the partnership which represents the purchase of 50% of the unit value. The owner of the second 50% of the unit’s value is Al Marasem for Assets Management which will own 50% of the entire project units, where it focuses on the acquisition, development, and management of assets, the company elaborated.

The company explained that the client pays 50% of the unit’s value for four years. In addition, the client has the right to buy the second 50% of the units with the same value he contracted on, which is an additional advantage to the partnering investor.

Moreover, the company highlighted that clients can resell their shares (50% of the unit) before or during the delivery phase according to the market price, which is expected to increase by 10% to 15% year-over-year. Additionally, the client can easy sell, rent, or buy the entire unit upon receiving it.

On the other hand, the company has offered a new product in the Fifth Square project, named ‘Lake Residence,’ which guarantees that the client receives a fully finished unit with air conditioning and home appliances.

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Yafa Mac to launch third phase of Emirates Heights project in North Coast by 2020 https://dailynewsegypt.com/2019/05/05/yafa-mac-to-launch-third-phase-of-emirates-heights-project-in-north-coast-by-2020/ Sun, 05 May 2019 19:56:07 +0000 https://www.dailynewsegypt.com/?p=697233 Company plans to launch new residential tourism project in Borg El Arab

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Yafa Mac Touristic Company plans to launch the third phase of Emirates Heights in the North Coast in 2020, according to Ramy El Haggar, company’s CCO.

EL Haggar said in a press conference on Sunday that the third phase encompasses 3,000 units and will be developed within three years, adding that the company is currently developing the phase’s feasibility study.

Furthermore, El Haggar disclosed that the company also targets completing the first and second phases of the projects comprising of 2,400 units by the end of 2019.

He noted that Yafa Mac has sold the first and second phases of the project.

Emirates Heights spans over 230 feddan and is being developed over five phases. The company has delivered1,500 units and about 1,000 units are inhabited.

“The company has directed EGP 2bn in the two phases’ construction and will direct another EGP 400m in 2019/2020.  The company will allocate EGP 200m in developing a large aqua park on 12,000 sqm and the company is negotiating with two foreign companies to develop the aqua park to become the biggest aqua park in Egypt,” El Naggar pointed out.

“Additionally, the company has achieved EGP 2bn in sales of the project targeting accelerating the construction of the project.”

Over and above, the company targets recording EGP 5bn in sales of the third phase of Emirates Heights.

The commercial director revealed that the company is preparing to launch a new residential and touristic project in Borg El Arab, Alexandria, on 140 feddan, noting that Yafa Mac will reconduct the new project’s feasibility study and pricing units.

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Egypt’s real estate prices have hiked by 75% since pound flotation https://dailynewsegypt.com/2019/05/03/egypts-real-estate-prices-have-hiked-by-75-since-pound-flotation/ Fri, 03 May 2019 10:00:16 +0000 https://www.dailynewsegypt.com/?p=697043 Real estate prices in the Egyptian market have hiked by an average of 75% since the floatation of the Egyptian pound till now, according to Mahmoud Abdel Halim, chairperson of MREC for Integrated Real Estate Services. Abdel Halim noted in a press statement on Thursday that the price spikes in some projects and regions reached …

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Real estate prices in the Egyptian market have hiked by an average of 75% since the floatation of the Egyptian pound till now, according to Mahmoud Abdel Halim, chairperson of MREC for Integrated Real Estate Services.

Abdel Halim noted in a press statement on Thursday that the price spikes in some projects and regions reached 85% following the decision of floating the pound in late 2016.

Moreover, Abdel Halim explained that the rates of price increases have relatively stabilised in the current period, which confirms that most of the increases in the last two years were real increases due to rising costs. 

Additionally, he pointed out that the period which immediately followed the flotation witnessed a great demand by a large number of holders of financial liquidity on real estate as it is the safest investment and has the ability to maintain its value through earning profits from resale.

“The spread of rent mechanism will contribute toward promoting investment in the real estate sector and entry of more foreign capital into Egypt and the success of the export of real estate,” Abdel Halim elaborated. He added, “The expansion of rent will increase the annual return on investment by 10 to 14% and provide opportunities for investors to obtain increased periodic returns for resale purchases.”

Abdel Halim disclosed that the supply currently does not match real and accumulated demand by customers, pointing out that the excessive number of companies advertising their properties, including outdoor ads, gave a wrong impression of the increase in supply while there is no available demand on property.

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Misr Italia begins VINCI project construction works with EGP 500m investments https://dailynewsegypt.com/2019/04/24/misr-italia-begins-vinci-project-construction-works-with-egp-500m-investments/ Wed, 24 Apr 2019 19:15:00 +0000 https://www.dailynewsegypt.com/?p=696756 Misr Italia Properties begins the construction work of VINCI boutique residential project with investments worth EGP500m in 2019. Misr Italia Properties announced finalising a deal with three contracting companies to implement the construction works of VINCI project. With construction of the project starting in 2019, the company plans to accelerate the delivery of units in 2022. Mohamed Hany …

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Misr Italia Properties begins the construction work of VINCI boutique residential project with investments worth EGP500m in 2019.

Misr Italia Properties announced finalising a deal with three contracting companies to implement the construction works of VINCI project. With construction of the project starting in 2019, the company plans to accelerate the delivery of units in 2022.

Mohamed Hany Al Assal, Misr Italia Properties Co-CEO, said that the company pursues achieving a leap in the real-estate sector as well as taking distinctive steps in developing its second project in the New Administrative Capital (NAC).

Al Assal confirmed that the company aims to offer the best customer experience through early delivery of the project ahead of the scheduled plan.

He further added that Misr Italia is determined to set exquisite architecture standards in the NAC; Hany Saad Innovations office was selected for the exterior and interior architectural designs to surpass clients’ expectations in VINICI. Additionally, MIP offers landscape and customised design options, including flexible façade designs that suit the clients’ needs.

Notably, VINCI is a residential compound with prime location in the New Capital’s diplomatic area covering an area of 110 feddan. Misr Italia launched VINCI Street an integrated service area incorporating premium retail spaces, entertainment areas, and clinics with 0% down payment and up to 6-year payment plans, Al Assal elaborated.

Al Assal also highlighted that VINCI includes villas, town, and twin houses and upscale apartments with one to four bedrooms. The built up area of the project is only 17% while the remaining space of 83% is allocated for garden landscapes and huge retail area for commercial and entertainment purposes.

“Misr Italia’s land bank reaches up to 6m sqm. The company manages a huge portfolio of unique projects; Kai Sokhna, with total investments of EGP 1bn which includes a boutique residential resort and a 5-star hotel that entails all entertainment and luxury services managed by Hilton Worldwide,” he noted. Al assal added, “Cairo Business Park project in New Cairo is the new fully integrated business hub and ‘La Nuova Vista’ residential project, which includes 131 villas, and ‘Garden 8’ the full fledge recreational hub were established with total investments of EGP 800m.”

Additionally, the company develops IL Bosco project in the NAC with total investments of EGP 16bn. Furthermore, the company is introducing IL Bosco City, which is its latest family member very soon in Mostakbal City.

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Cairo’s real estate market performance remains strong in Q1of 2019: JLL https://dailynewsegypt.com/2019/04/23/cairos-real-estate-market-performance-remains-strong-in-q1of-2019-jll/ Tue, 23 Apr 2019 21:36:02 +0000 https://www.dailynewsegypt.com/?p=696680 According to the Jones Lang LaSalle (JLL) report, performance remained strong across all sectors of the Cairo real estate market in the first quarter (Q1) of 2019. JLL added that the residential sector registered mixed performance, with sale prices slowing over the quarter, while rental rates increased on the back of limited supply of rental …

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According to the Jones Lang LaSalle (JLL) report, performance remained strong across all sectors of the Cairo real estate market in the first quarter (Q1) of 2019.

JLL added that the residential sector registered mixed performance, with sale prices slowing over the quarter, while rental rates increased on the back of limited supply of rental property in Greater Cairo.

Concerning the supply of the residential sector, the Q1 of 2019 saw the delivery of approximately

4,350 residential units including Layan Residence’s second phase, Villette, and Degla Lake Front in the

east (all of which are villas), and the Courtyards (apartment units) in the west. Almost all units in

the Courtyard project have been sold off-plan to higher-income households. An additional 12,500 and 46,700 units are expected to be handed over in the remainder of 2019 and 2020 respectively.

Meanwhile, concerning the performance of the residential sector, sale prices in the secondary market declined marginally in Q1 of 2019, due to a reduced level of affordability within the upper segments of the residential market.

Furthermore, the office sector continued to witness healthy growth levels, with integrated office parks within residential gated communities performing strongly.

Concerning the supply of the office sector, JLL explained that only 2,800 sqm of gross leasable area (GLA) were delivered to the market in Q1, bringing the current total office stock to 1m sqm of GLA.

“Supply is expected to increase further over the next 12 months with the expected delivery of

approximately 23,000 sqm of office GLA, and an additional 156,000 sqm of office space is expected to be handed over in 2020,” according to JLL.

Retail rents remained stable during Q1 but increased over the past year, with further growth expected in the rest of 2019.

In terms of the supply of the retail sector, JLL stated that it remained unchanged at 2.1m sqm of GLA, as no new retail centres were delivered to the market in Q1. An additional 381,000 sqm of retail space is expected to enter the market by the end of the year, including Madinaty Mega Mall which is partially open, Almaza City Centre, and the Yard Mall. Most of the future supply is in New Cairo, with limited announcements in West Cairo. New developments are largely focused in areas which lack existing purpose-built good quality retail, which will contribute to their success.

“The hotel and tourism sector witnessed sturdy growth levels, with occupancy rates increasing to 77% in the year-to-February 2019,” according to JLL.

It added that enhanced security measures, reforms in the tourism sector, improved public relations and publicity campaigns all contributed to this growth.

JLL explained further that the hotel supply in Cairo currently stands at 23,300 rooms. The last addition was the St Regis in downtown Cairo (adding 366 rooms to the market in late 2018), with no further additions recorded in Q1 of 2019.

An additional 600 rooms are expected (excluding one development on hold) to enter the market over the remainder of 2019, including the Hilton Maadi Tower and the Element Hotel (an eco-conscious development hotel), provided there are no further delays.

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Marakez awards Hassan Allam construction of AEON Towers https://dailynewsegypt.com/2019/04/23/marakez-awards-hassan-allam-construction-of-aeon-towers/ Tue, 23 Apr 2019 21:35:56 +0000 https://www.dailynewsegypt.com/?p=696682 Project’s total investment worth EGP 2.2bn

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Marakez, the mixed-use developers in Egypt, has awarded Hassan Allam Construction, a subsidiary of Hassan Allam Holding, the construction work for AEON Towers located within Marakez’s residential project AEON.

Basil Ramzy, the CEO of Marakez, said, “AEON Towers, our 72-metre luxury towers located within AEON in the heart of Sixth of October city are the first of their kind to be developed in any of Cairo’s new urban communities. The complexity of the technical systems and the demands of the luxury amenities of the project required a particularly capable and experienced contractor to help bring the towers to reality; we are pleased to have reached terms with Hassan Allam Construction to be that partner”.

Hassan Allam, CEO of Hassan Allam Holding, said: “As a recognised industry leader, it is our pleasure to be awarded the construction of AEON Towers, a project that includes innovative concepts and iconic homes that set a new standard for contemporary living in Egypt.”

 

With a total investment of EGP 2.2bn, AEON will feature West Cairo’s first luxury high-rise residential buildings – AEON Towers – comprised of three 72-metre (20-floor) high-end residential units over a total built-up area of approximately 66,500 sqm, constructed above a two-story underground parking garage.

Located southeast of Mall of Arabia, the mall will have it all, with a direct pedestrian link. AEON will include a total of 401 units, offering a wide variety of designs, with studios and apartments ranging from one to four bedrooms, as well as penthouse duplexes with unmatched views of the city, ranging in size from 85 to 665 sqm. Delivery of the first tower is expected in 2022.

The foundation works were carried out in the company’s residential AEON Towers project and it comprises of three residential towers with 400 apartments of various sizes, in addition to Aeon Courtyard buildings, which is scheduled to be delivered in the current year, six months ahead of schedule, Ahmed Badrawi, the CEO of Marakez, previously told Daily News Egypt.

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HHD offers 44 plots of land at Airport Sheraton by public auction in May https://dailynewsegypt.com/2019/04/22/hhd-offers-44-plots-of-land-at-airport-sheraton-by-public-auction-in-may/ Mon, 22 Apr 2019 09:30:54 +0000 https://www.dailynewsegypt.com/?p=696475 The Heliopolis Company for Housing and Development (HHD), one of subsidiaries of the Holding Company for Construction and Development affiliated to the ministry of public enterprise sector, intends to sell 44 plots of land on the main streets of the Sheraton area, in east Cairo. The HHD’s Managing Director, Sahar Al Damati, said in press …

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The Heliopolis Company for Housing and Development (HHD), one of subsidiaries of the Holding Company for Construction and Development affiliated to the ministry of public enterprise sector, intends to sell 44 plots of land on the main streets of the Sheraton area, in east Cairo.

The HHD’s Managing Director, Sahar Al Damati, said in press statement on Thursday that these plots of land are supposed to be offered in an auction on 2 May.

Al Damati revealed that the company is one of the largest companies with a substantial land bank spanning over strategic locations in Egypt.

She added that the company has conducted an in-depth study to learn how to develop its land bank in order to give the company the status it deserves, as well as improve prices and payment plans provided to customers.

“The study concluded with the financial restructuring of the company so that we can sell about 3% of the company’s land bank, and use the sales proceeds in funding its investment plans, as well as to achieve a funding balance between the company’s own resources and loans,” she noted.

Al Damati highlighted that the company subsequently will conduct another study on the possibility of capital increase in preparation for its presentation and approval by the board of directors.

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Emaar Misr donates $50m to develop informal housing areas, national projects in Egypt https://dailynewsegypt.com/2019/04/22/emaar-misr-donates-50m-to-develop-informal-housing-areas-national-projects-in-egypt/ Mon, 22 Apr 2019 09:00:21 +0000 https://www.dailynewsegypt.com/?p=696470 The board of directors of Emaar Misr announced on Tuesday a donation of EGP 878m ($50m) to develop informal housing areas in Egypt. Emaar Misr said that this donation is due to its belief in the developmental role that private sector companies must play toward contributing to community initiatives and social projects, as well as improving …

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The board of directors of Emaar Misr announced on Tuesday a donation of EGP 878m ($50m) to develop informal housing areas in Egypt.

Emaar Misr said that this donation is due to its belief in the developmental role that private sector companies must play toward contributing to community initiatives and social projects, as well as improving the living conditions of the neediest families by participating in efforts to develop informal housing areas.

Mohamed Alabbar, chairperson of Emaar Properties said that Emaar has been able to win the confidence of the Egyptian people through its distinguished projects in Egypt.

Alabbar added, “As a real estate developer, we are not only interested in building investment projects but also in achieving equal living opportunities for all. This is our contribution toward the development of informal housing areas, believing in the importance of these projects and their ability to achieve human development. This is in the interest of the Egyptian economy and the region. We, at Emaar, are interested in participating in community initiatives and we are well aware of their role in achieving social balance.”

Furthermore, Alabbar called all private sector institutions and businesspersons to participate in community initiatives as part of their responsibility toward the community, where companies invest to contribute toward a social renaissance integrated with the various efforts of the government in this regard.

Last year, Emaar Misr, in cooperation with Misr El Kheir Foundation, announced the launch of Beyout Al Kheir project, in order to improve the living conditions of thousands of underprivileged families in Egypt’s villages and governorates through constructing and developing economic units for each residential unit sold by the company. The project’s investment cost is worth $15m to be paid over three years.

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El Attal launches second phase of Park Lane compoundhood in EPS Dubai https://dailynewsegypt.com/2019/04/22/el-attal-launches-second-phase-of-park-lane-compoundhood-in-eps-dubai/ Mon, 22 Apr 2019 08:30:30 +0000 https://www.dailynewsegypt.com/?p=696471 El Attal Holding will showcase the Park Lane Compoundhood in the Egypt Property Show (EPS) in Dubai, which is being held at Dubai World Trade Center between the period from 18 to 20 April under the patronage of Prime Minister Mustafa Madbouly, and the Ministry of Housing and the Dubai Land Department. The Park Lane …

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El Attal Holding will showcase the Park Lane Compoundhood in the Egypt Property Show (EPS) in Dubai, which is being held at Dubai World Trade Center between the period from 18 to 20 April under the patronage of Prime Minister Mustafa Madbouly, and the Ministry of Housing and the Dubai Land Department.

The Park Lane Compoundhood spans over 26 feddan in R7 in the New Administrative Capital close to the Swedish and British Universities and the diplomatic district.

Ahmed El Attal, chairperson of El Attal Holding, said in press statement on Thursday that the company’s participation in foreign exhibitions is a fundamental objective during the coming period, in order to contribute to the state’s initiative, which supports and encourages the export of Egyptian real estate.

Furthermore, El Attal noted that the Park Lane project  received a large number from the EPS visitors, especially after the great demand for the project at Cityscape.

The company will complete the sale of the second phase of the Park Lane project, which had been launched at Cityscape Egypt by the end of March after the company’s success in selling out the first phase in which the company recorded a total sales of EGP 380m, El Attal added.

Moreover, he pointed out that his company will provide its customers with special offers during exhibition days.

Additionally, the company will offer discounts on units of up to 5%, in addition to extended payment periods reaching eight years, he noted, adding that the company will fully finish duplex units that will be sold during the exhibition.

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Namaa launches Capital One project in NAC https://dailynewsegypt.com/2019/04/22/namaa-launches-capital-one-project-in-nac/ Mon, 22 Apr 2019 08:00:17 +0000 https://www.dailynewsegypt.com/?p=696462 Namaa Development and Real Estate Investment has announced the launch of its latest project in the New Administrative Capital (NAC) called Capital One, to become the largest private sector management complex in the central business district (CDB) in the NAC. During the celebration of the 20th anniversary of its presence in Egyptian market as a …

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Namaa Development and Real Estate Investment has announced the launch of its latest project in the New Administrative Capital (NAC) called Capital One, to become the largest private sector management complex in the central business district (CDB) in the NAC.

During the celebration of the 20th anniversary of its presence in Egyptian market as a subsidiary for Olympic Group specialising in real estate development and management, Samer Sallam chairperson of Namaa said, “Although Namaa is celebrating its 20th anniversary, its roots date back to the 30s, and during the 80 years we have contributed significantly to the development of the Egyptian economy, providing more than 20,000 jobs in the local market, and attracting foreign direct investments into Egypt. We have established over 30 companies in various business sectors. Additionally, in 1997, Olympic Group launched the first public offering for a private sector company on the stock exchange in Egypt.”

For his part, Business Development Director at Namaa, Karim Morsi, said that the company’s project is the largest administrative complex in the CBD in the NAC.

Morsi pointed out that Capital One spans over 86,000 sqm, and includes units with spaces starting from 100 sqm.

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Sabbour Consulting, Hometown contract to design Zaha Park New Capital https://dailynewsegypt.com/2019/04/22/sabbour-consulting-hometown-contract-to-design-zaha-park-new-capital/ Mon, 22 Apr 2019 07:30:40 +0000 https://www.dailynewsegypt.com/?p=696465 Sabbour Consulting and Hometown Real Estate Development contracted to design and supervise the implementation of Zaha Park New Capital, a commercial administrative project, in the New Administrative Capital (NAC). Founder of Sabbour Consulting, Hussein Sabbour said, “According to the contract, our office will provide all engineering consultations for the design works, and supervise the implementation …

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Sabbour Consulting and Hometown Real Estate Development contracted to design and supervise the implementation of Zaha Park New Capital, a commercial administrative project, in the New Administrative Capital (NAC).

Founder of Sabbour Consulting, Hussein Sabbour said, “According to the contract, our office will provide all engineering consultations for the design works, and supervise the implementation of the project with an approximate area of 7,200 sqm in the MU23 area between R2 and R3 for Hometown Real Estate Development.”

Sabbour explained that the office provides engineering services to local and foreign companies besides government agencies in various fields of architecture and engineering, adding that the office currently has a portfolio of various projects and will play a prominent role in the new cities being implemented, especially in educational projects in the NAC and New Alamein.

Diaa Al Din Farag Kahlil, CEO of Hometown, said that the project consists of 10 floors, implemented over two phases. The first phase includes three commercial floors with a total area of 6,400 sqm, and with unit areas ranging from 35 to 200 sqm, with an average of 30 shops per floor. The second phase includes seven medical and administrative floors with a total area of 17,000 sqm, with spaces ranging from 28 to 200 sqm.

Kahlil added that underground garages will be implemented to serve the mall’s visitors and that the roof contains gardens and water fountains on an approximate area of 1,200 sqm for staff rest, as well as other services, landscape, and dancing fountains on an approximate area of 5,000 sqm.

Furthermore, Kahlil pointed out that Egypt’s urban development is progressing rapidly with the great support of the state in establishing fourth generation cities, especially the NAC and New Alamein, as well as the legislative reforms and the investment climate in the real estate sector.

He also revealed that the company plans to partner with the public sector to finalise the development process undertaken by the state in recent years in order to ensure the strength of the Egyptian economy and increase its attractiveness.

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ACUD, Petroleum Ministry ink deal to provide government district with natural gas https://dailynewsegypt.com/2019/04/22/acud-petroleum-ministry-ink-deal-to-provide-government-district-with-natural-gas/ Mon, 22 Apr 2019 07:00:14 +0000 https://www.dailynewsegypt.com/?p=696461 Deal worth EGP 31.5m, says ACUD’s spokesperson

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The Administrative Capital for Urban Development (ACUD), the chief developer of the New Administrative Capital (NAC) project, has inked a deal with Egypt’s Petroleum Ministry represented by the Cairo Gas Company to connect the governmental district in the NAC with natural gas on Thursday.

The ACUD’s spokesperson, Khaled El Hosseini, said that this deal comes in the framework of the state’s preparation for transferring government ministries and agencies by mid-2020, pointing out that the deal is worth EGP 31.5m.

The signing was attended by the ACUD’s Chairperson, Ahmed Zaki Abdeen, Minister of Petroleum, Tarek El-Molla, and Chairperson of the Cairo Gas Company, Mohamed Hassan.

The ACUD’s Chairperson, Ahmed Zaki Abdeen, said that the project of implementing natural gas network of the government district in the first phase of the NAC aims to connect gas service to ministry buildings on 153 feddan, and the buildings of the major state institutions.

Abdeen pointed out that this cooperation includes the implementation of the natural gas cooling plant through the Egyptian Company for Energy and Cooling Projects (Gascool), adding that the Cairo Gas Company will develop the main gas network and establish a gas reduction station in the NAC.

For his part, Minister of Petroleum Tarek El-Molla said that the NAC project witnesses a positive development in the level of the volume of works carried out in the current period, and observes the implementation of huge investments in the city’s infrastructure, which reflects the vision of the state and political leadership to develop the Capital as the best modern city.

El-Molla noted that it is planned to connect the government district in the NAC with natural gas after completing the implementation of the necessary infrastructure to deliver gas in accordance with the set time plan.

He pointed out that the ministry of petroleum aims to accelerate the delivery of natural gas to new projects in order to meet the needs of the continuous urban expansion of natural gas services as distinct civilizational services.

Furthermore, he explained that providing natural gas to the new areas is being carried out by qualified Egyptian cadres according to the highest quality standards.

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Internationalisation of real estate sector is key for boosting economy: professor at NUS https://dailynewsegypt.com/2019/04/15/internationalisation-of-real-estate-sector-is-key-for-boosting-economy-professor-at-nus/ Mon, 15 Apr 2019 19:18:39 +0000 https://www.dailynewsegypt.com/?p=696000 About 80% of population in Singapore live in public housing

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Internationalisation of real estate sector is key for boosting economy, according to Yuri Shi Ming, associate professor in department of real estate at the National University of Singapore (NUS) who gave a presentation on the Singaporean experience on real estate sector, over his participation in the International Real Estate Development Conference that was organised on Monday.

Foreign developers come to Singapore to invest their money, despite the small land area that Singapore is located on, he added, noting that his country enjoys strategic location and very stable political environment.

There are number of factors that can drive country to internationalization including establishment of an institutional investment market, huge growth in organised savings and expansions of Investment universe, he noted.

He said that 80% of population in Singapore live in public housing, while the public housing in Egypt is for the poor and the lower categories because of the limited capitals for developers.

He affirmed the importance of boosting the public private partnerships and offering the developers all the needed commercial funds.

He reassured that integration of real estate and capital markets is key for boosting the sector, noting that Egypt should benefit from the technology and the continued urbanisation in promoting its real estate sector.

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Law for establishing real estate developers federation likely to be issued within two months: Housing Ministry https://dailynewsegypt.com/2019/04/15/law-for-establishing-real-estate-developers-federation-likely-to-be-issued-within-two-months-housing-ministry/ Mon, 15 Apr 2019 18:08:20 +0000 https://www.dailynewsegypt.com/?p=695972 Coping with international standards helps Egypt to boost its real estate exports, says Mountain View's chairperson

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A new law for the establishment of the real estate developers federation is expected to be issued within the next couple of months, Deputy Minister of Housing, Utilities and Urban Communities, Khalid Mahmoud, said, at his inaugural speech during the International Real Estate Development Conference which was organised on Monday.

He added that the final draft law are being discussed now with many stakeholders.

“We pay great attention to regulating the real estate development sector as it is progressing well for the past 15 years. We are in continuous coordination with the developers to produce a well designed federation that cope with the international standards,” he declared.

The International Real Estate Development Conference is a good opportunity that allows close cooperation with esteemed organisations like the Royal Institute of Chartered Surveyors (RICS) and the National University of Singapore, Mahmoud added, affirming the Egyptian market’s attractiveness for international investments, especially in terms of the real estate sector.

The Egyptian government assesses the international market’s competition in exporting the real estate sector, he asserted, noting that Egypt can accomplish its plans which target to seize 2% of the global exports of real estate over the next three years.

The ministry aims to increase the real estate industry contribution to the GDP, he said, reassuring the government’s keenness on eliminating any challenges that hinder the sector’s development.

Coping with the international standards will help Egypt to boost its real estate exports, Amr Soliman, founder and chairperson of Mountain View, said, adding that the RICS engagement in the Egyptian market will have its positive impact on market standards especially since the Governor of the Central Bank of Egypt, Tarek Amer, called on the real estate sector to be more organised and deliver figures of the sector’s performance.

“Ten years ago, we established the first academy for real estate, in cooperation with the American University in Cairo,” he noted, adding that the academy is doing well and graduated about 179 developers who created the market.

The academy supports the Egyptian market’s competitiveness and represented the scientific side of the industry, Soliman mentioned.

Hisham Talaat Mostafa, CEO of the Talaat Mostafa Group, said that the demand on real estate is becoming different over the past three years after the devaluation of the Egyptian pound which reflected on families’ incomes.

There is a wide need for authorities to find new financial instruments for the real estate sector, he noted.

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MNHD reports EGP 1.72bn in pre-sales for Q1 2019, launches office park https://dailynewsegypt.com/2019/04/14/mnhd-reports-egp-1-72bn-in-pre-sales-for-q1-2019-launches-office-park/ Sun, 14 Apr 2019 15:57:45 +0000 https://www.dailynewsegypt.com/?p=695858 Madinet Nasr Housing and Development (MNHD), a leading Egyptian urban developer, announced on Sunday that its pre-sales (contracted sales plus reservations) for the the first quarter (Q1) of 2019 reached EGP 1.72bn, up 9% year-over-year. According to the company’s press statement, pre-sales were mainly driven by the demand of the residential units as well as …

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Madinet Nasr Housing and Development (MNHD), a leading Egyptian urban developer, announced on Sunday that its pre-sales (contracted sales plus reservations) for the the first quarter (Q1) of 2019 reached EGP 1.72bn, up 9% year-over-year.

According to the company’s press statement, pre-sales were mainly driven by the demand of the residential units as well as the strong launch of the new office park: the Cobalt Business District (CBD) which was launched on the 10th of March 2019.

“We are extremely pleased with our pre-sales this quarter following the successful launch of the CBD,” said MNHD’s CEO, Ahmed El Hitamy, adding that “We look forward to continuing this positive momentum as we enter 2Q of the year, backed by the company’s strong brand equity and commitment to on-time deliveries.”

The company reported that Taj City’s pre-sales reached EGP 595m in Q1 2019, compared to EGP 1.193bn in Q1 2018. Meanwhile, SARAI’s pre-sale reached EGP 634m in the same period, compared to EGP 311m a year earlier.

The company has achieved significant pre-sales in the CBD project to achieve EGP 406m. It has also achieved EGP 52m in the pre-sales of its Tag Sultan project in Q1 2019, compared to EGP 16m in Q1 2018.

MNHD has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo area, which covers an area of more than 40m sqm, and is home to 3 million people.

MNHD’s land includes 3.5m sqm in Cairo, with Taj City extending across the Cairo International Airport, and SARAI extending across 5.5m sqm in a strategic location on the Suez Road next to the New Administrative Capital.

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Housing Ministry to establish over 1.1m residential units in 5 years https://dailynewsegypt.com/2019/04/10/housing-ministry-to-establish-over-1-1m-residential-units-in-5-years/ Wed, 10 Apr 2019 17:36:23 +0000 https://www.dailynewsegypt.com/?p=695658 Establishing new urban communities became one of the engines of economic growth in Egypt and building sustainably is a priority in the country’s 2030 Vision, Khaled Abbas, deputy minister of housing, said. The ministry of housing plans to establish more than 1.1m residential units during the coming five years and we will be waiting for …

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Establishing new urban communities became one of the engines of economic growth in Egypt and building sustainably is a priority in the country’s 2030 Vision, Khaled Abbas, deputy minister of housing, said.

The ministry of housing plans to establish more than 1.1m residential units during the coming five years and we will be waiting for the recommendations of the LafargeHolcim Forum in order to learn from the output.

This came during the 6th LafargeHolcim Forum for Sustainable Construction that kicked off at the American University in Cairo (AUC), in the presence of Abbas; Swiss ambassador in Cairo, Paul Garnier; CEO of Lafarge Egypt, Hussein Mansi; the global icon of architecture Norman Foster; and more than 1,500 guests from Egypt and 52 countries, including experts, researchers, academics, engineers, architects, and representatives of companies working in the field of architecture.

He added the organisation of such international forums reflect the appreciation of the international community towards the Egyptian government efforts in establishing mega construction projects.

Roland Köhler, chairperson of LafargeHolcim Foundation for Sustainable Construction, said that the challenges we are facing today are global issues. Topics like climate change, population growth, and migration became a shared concern which impact our lives.

“Our group has been present in Egypt since 1864 when we provided more than 200,000 tonnes of building materials for the construction of the Suez Canal. Today, Lafarge Egypt participates in many mega national projects. Our choice of Egypt to hold the forum this year expresses our recognition towards the achievements accomplished by the Egyptian government in the field of construction and the interest of the country to implement the concepts of sustainable construction,” Köhler added.

Hussein Mansi, CEO of Lafarge Egypt, said: “LafargeHolcim Forum for Sustainable Construction is one of the most important events in the field globally and I’m proud its 6th round took place in Egypt. I’m also happy with the strong presence from the construction community whether academics or businesspeople. In regard of the unprecedented development the country is witnessing in the field of constructions and the government’s adoption to sustainable construction concepts to preserve the environment and optimise the available resources, this will help achieve the best results. Building sustainability is not only a global trend, but locally we have held several meetings with the ministry of housing due to their interest in implementing the sustainability concepts to achieve environmental balance within the new communities that are being developed.”

Notably, the 6th round of the forum was organised for the first time in Africa and the Middle East. Over the 3-day conference, workshops on material science were organised in addition to visits to various areas in Cairo to get to learn more about Egypt’s experience in creating new desert cities, slums development, monuments restoration, and water preservation.

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Marakez acquires land in Mansoura to establish EGP 1.4bn commercial mall https://dailynewsegypt.com/2019/04/09/marakez-acquires-land-in-mansoura-to-establish-egp-1-4bn-commercial-mall/ Tue, 09 Apr 2019 17:09:43 +0000 https://www.dailynewsegypt.com/?p=695498 Marakez for Real Estate Investment has acquired from the Internal Trade Development Authority (ITDA) a 47-feddan land plot in Mansoura city, Daqahleya, to develop a commercial mall with EGP 1.4bn in investments. The mall that will serve as a retail and entertainment centre for the Delta area, including the 7 million population of Daqahleya. “Marakez’s …

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Marakez for Real Estate Investment has acquired from the Internal Trade Development Authority (ITDA) a 47-feddan land plot in Mansoura city, Daqahleya, to develop a commercial mall with EGP 1.4bn in investments.

The mall that will serve as a retail and entertainment centre for the Delta area, including the 7 million population of Daqahleya.

“Marakez’s expansion plan goes beyond major cities,” said Basil Ramzy, the company’s CEO, adding “We continue to pioneer the real estate development market in Egypt by expanding our commercial footprint to meet the needs of millions of people in different governorates.”

Due to open in 2021, the new mall will include hypermarket, Cineplex, food court, entertainment areas, local and international fashion brands, and parking lot with a capacity of 1,500 vehicles. The project will provide 10,000 direct and indirect job opportunities.

“We are honoured to introduce an internationally modelled shopping mall in the city of Mansoura,” said Ahmed Badrawi, executive vice chairperson of Marakez. “These areas need development projects that serve the needs of the local population. With the new project, Marakez will introduce new services to these under-served areas, meet the growing demand on retail services in small cities, and provide thousands of job opportunities.”

The new mall in Mansoura is the second commercial development by Marakez in the Delta region. Mall of Tanta, due to be opened later this year, was the first internationally modelled mall in Delta, built over 135,000 sqm, with a built-up area of 60,000 sqm and a gross leasable area of 40,000 sqm, at an investment of EGP 1.2bn. Marakez is implementing a strategic investment plan in Egypt of more than EGP 15bn focusing on major projects in Cairo and other governorates.

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Al Dau Development launches Cairo West project in H2 2019 with EGP 2bn targeted sales https://dailynewsegypt.com/2019/04/08/al-dau-development-launches-cairo-west-project-in-h2-2019-with-egp-2bn-targeted-sales/ Mon, 08 Apr 2019 08:30:37 +0000 https://www.dailynewsegypt.com/?p=695264 Company targets EGP 1bn in sales in 2019, says CEO

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The real estate developer company, Al Dau Development, a subsidiary company of Sami Saad Holding, intends to launch a new residential tourism project in west Cairo during the second half (H2) of 2019, with an initial investment of about EGP 1bn, according to Fahd Derbala, CEO of Al Dau Development.

Derbala told Daily News Egypt that the company targets to achieve EGP 2bn in project sales.

Furthermore, Derbala added that the Cairo West project is a residential tourism project located on an area of 40,000 sqm and includes a residential area and a hotel with 350 rooms.

He noted that the project’s first phase comprises of 300 units, explaining that the project designs are currently being finalised.

Moreover, he further highlighted that Al Dau Development plans to implement the project during the current year.

Al Dau Development’s CEO revealed that the company plans to fully market the project to foreign customers as the purpose of launching the project is to market the project to customers visiting west Cairo-which will gradually become a tourist area when urban development is completed, which comes ahead of the operation of the Grand Egyptian Museum.

The export of Egypt’s property abroad tops the company’s marketing strategy particularly with the diversification of Al Dau’s project portfolio between residential and tourism projects, in order to address a larger segment of Egyptian customers abroad and non-Egyptians who prefer tourism projects, he elaborated.

Additionally, Derbala stressed that the company aims to participate in several foreign exhibitions during the current year, namely in Dubai and Abu Dhabi, in addition to marketing the company’s projects in Hurghada as well as in Switzerland and the Ukraine.

Over and above, he explained that Al Dau aims to achieve contractual sales of EGP 1bn through its projects during the current year, driven by the launch of the new project. It also targets to inject investments of about EGP 700m in its projects in 2019.

Concerning the company’s expansion plan, he divulged that the company is looking for investment opportunities in Hurghada as well as Cairo, and it is currently close to completing studies on new investment opportunities.

“The market will not be affected by the cancellation of mortgage finance for middle-income housing because it did not target that segment. This segment continued to be financed by real estate developers due to the high value of its units, that exceeded the ceiling of the maximum amount allocated by the mortgage finance, which is estimated at EGP 950,000,” he said.

Al Dau’s CEO expected price increases of between 15 and 20% in Egypt’s real estate market during the current year–an increase that will not affect customers’ demand on the purchase process–noting that the market witnesses a genuine demand based on the need for housing–a product that cannot be replaced by another commodity or be dispensed with.

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MG Developments begins implementation of HQ project in New Cairo https://dailynewsegypt.com/2019/04/08/mg-developments-begins-implementation-of-hq-project-in-new-cairo/ Mon, 08 Apr 2019 08:00:26 +0000 https://www.dailynewsegypt.com/?p=695261 MG Developments has begun the construction of the Headquarters (HQ) business project placed in the first sector on 90th street in the Fifth Settlement, New Cairo, on 11,000 sqm. The company launched the HQ project last November, and it comprises of commercial and administrative units, with total investments worth EGP 1bn. Chairperson of MG Developments, …

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MG Developments has begun the construction of the Headquarters (HQ) business project placed in the first sector on 90th street in the Fifth Settlement, New Cairo, on 11,000 sqm.

The company launched the HQ project last November, and it comprises of commercial and administrative units, with total investments worth EGP 1bn.

Chairperson of MG Developments, Mohamed Metawee, said that the company is working extensively in order to complete the HQ project as soon as possible.

Metawee added that the total area of the project is 11,000 sqm, and the floor space is around 1,600 to 1,850 sqm. The building consists of two underground floors, with the ground floor encompassing a commercial area and another five floors for administrative activities. The building is also equipped with a two-storey parking garage on an area of 9,000 sqm for 208 cars.

“There are many entrances for the building, and we allocated entrances for the administrative area and another for the commercial area, plus all the offices have a complete front-end finishing,” Metawee noted.

Furthermore, the completion rate in the project will exceed 60% after the finalisation of the building’s concrete structure during 2019, and MG Developments will provide the building with the basic technological structure in the coming period, he pointed out. This is considering all of the alterations or requirement which may need to be added in the future in order to provide a comprehensive service for all project beneficiaries, whether in the administrative or commercial fields.

Additionally, “We provided the HQ project with many facilities such as smart spaces; a VIP lounge; a commercial area; conference rooms; a sky lounge; meeting rooms; elevators; a parking area; a fire fighting system; backup generators; a smoking area; an open court with landscape; car care services; common kitchenettes; IT facilities; horizon meeting rooms; visitors’ management services; a gym; high- speed WI FI connection; an ATM centre; security, and property management,” Metawee highlighted.

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