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Talaat Moustafa maintains top position in land portfolio ranking at 43.2m sqm - Daily News Egypt

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Talaat Moustafa maintains top position in land portfolio ranking at 43.2m sqm

Almost all the rest of Talaat Moustafa’s land portfolio is acquired by the Rehab project


The Talaat Moustafa Group maintained its lead among real estate companies in terms of land owned.

The land portfolio of the company amounts to 43.2m sqm, 33.6m of which are allocated to the Madinaty project in Cairo, considered the largest real estate project carried out by the private sector in Egypt.

Almost all the rest of Talaat Moustafa’s land portfolio is acquired by the Rehab project.

In second place comes Misr El-Gedida Housing and Development with a land portfolio of ​​approximately 32m sqm.

However, the company does not have the ability to develop all the lands it has, as there are encroachments by others on 3.36m sqm in New Heliopolis City and Heliopolis, despite the court ruling in favour of the company.

The state banned construction on 2.262m sqm of land owned by Misr El-Gedida Housing and Development around the east of the ring road in order to secure the aviation movement in Cairo International Airport.

The Accountability State Authority criticised the company for not asking the authorities for compensation for these lands and using the compensation value to develop its lands.

The company recently conducted a partnership contract with the Sixth of October for Development and Investment Company (SODIC) to develop 655 acres in March 2016, after it awarded the bid to the company in December 2015.

Due to this contract, the area became calculated among the land portfolio of Misr El-Gedida Housing and Development and SODIC together, but even if it is excluded from the portfolio of the former, the company will remain in second place among the real estate companies.

In the same context, Palm Hills Developments’ land portfolio includes about 25.5m sqm with an increase of 2.5m sqm, in the east of Cairo, compared to 2014, 2.1m of which are in its joint project with the government, and about 420,000 sqm are in the Capital Gardens project in partnership with Madinet Nasr for Housing and Development.

The land belonging to Palm Hills Developments are located in the east and west of Cairo and along the Desert Road, in addition to 5m sqm in Saudi Arabia, which the company intends to sell in the future.

The company seeks to increase its land portfolio in the next period, after negotiating with government bodies to obtain a new piece of land in the North Coast, an area ranging between 200 and 300 acres.

Co-chief executive officer of the company, Tarek Abdel Rahman, reportedly said that they are still negotiating with the government over contracting on the implementation of the October Oasis Project on an area of 6,000 acres, after the signing of the memorandum of understanding (MoU) during the economic conference in Sharm El-Sheikh.

In fourth place comes Emaar Misr for Development with a land portfolio of ​​15.4m sqm distributed between four major projects.

These projects include the Uptown Cairo project, on an area of more than 4.5m sqm, and Mivida project on an area of 3.8m sqm in New Cairo.

The third project is the Marassi resort, in the area of Sidi Abdel Rahman and Alamein, on an area of 1,544 acres, approximately 6.485m sqm. The company is working on a fourth real estate project.

In fifth place is Madinet Nasr for Housing and Development with 9.5m sqm located mostly within Cairo, according to a statement by the general manager of the company, Ahmed El Hitamy.

The company signed a contract with Palm Hills Developments to develop the 434,000 sqm it owns in New Cairo under the name of Capital Gardens.

Based on this contract, Palm Hills calculates this area within the land portfolio it is working to develop, and even if this area is excluded from Madinet Nasr for Housing and Development’s portfolio, it will remain in fifth place among the large real estate companies listed in the Egyptian Exchange (EGX).

In sixth place comes the SODIC with a land portfolio of ​​6m sqm, after the company succeeded in adding 3.3m sqm to its land portfolio in 2015.

The new areas include 441,000 sqm in the North Coast to establish the Caesar project, in addition to 126,000 sqm the company was awarded in a government bid.

SODIC then agreed with Misr El-Gedida Housing and Development to develop 2.75m sqm owned by the latter. The agreement stipulates the right of SODIC to obtain 70% of the revenues of the residential units and 69.8% of the revenues of the business units in the project.

 

 

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https://www.dailynewsegypt.com/2016/04/06/talaat-moustafa-maintains-top-position-land-portfolio-ranking-43-2m-sqm/
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