Wadi Degla Developments targets EGP 5bn of sales

Hamada Ismail
4 Min Read

Wadi Degla Developments is presenting its package of tourism and housing projects during the current Cityscape exhibition. The company plans to gradually raise its prices throughout the current year. Moreover, Wadi Degla aims to increase the size of its land portfolio by buying new plots or entering partnerships.

Deputy CEO of the company, Amr El Kady, said that the company is expecting revenues to amount to EGP 5bn for 2016 through selling 3,000 units. He added that the company is set to launch two projects in the summer at the western North Coast and in Hurghada.

He noted that the company is presenting many projects under development during the Cityscape exhibitions, including touristic and residential projects. The company is offering extended payment plans of up to nine years at the conference, up from the previous seven years.

El Kady said that the total size of contracts at the end of 2015 reached EGP 3bn, which increased to EGP 4bn in 2016. The plan is to reach EGP 5bn in 2017.

Furthermore, the company intends to increase the size of its land portfolio—which currently stands at 8 million square metres in six areas—through buying lands from the Ministry of Housing or entering partnerships with other developers.

Wadi Degla Developments owns lands in eastern Cairo, which account for 70% of its portfolio of 20 projects. The total number of the company’s units amounts to 36,000 residential and tourism units, while 10,000 units were delivered.

El Kady pointed out that the company’s most prominent projects include Neopolis City—which is the largest of the company’s residential project on an area of 545 feddans in the Future City in New Cairo.

Neopolis City consists of 15,000 residential units, both apartments and duplexes. The project is carried out over four phases. The first phase units will be delivered within four years. The total cost of the project amounts to EGP 13bn.

Additionally, another company’s project is Tijan in Maadi, which is established on 18,000 square metres. The project consists of 650 residential apartments. It will be implemented over four years with investments of up to EGP 320m. Promenade Residence in Zahraa Maadi is another project nearby, which overlooks Wadi Degla Sporting Club on an area of 34,000 square metres. It consists of 26 buildings, including apartments and duplexes.

El Kady said that the company is promoting Promenade Residence New Cairo, which is based on an area of 14,000 square metres and including 1,000 units.

He pointed out that the company plans to increase prices gradually by 2-3% multiple times. He explained that real estate prices go up naturally by 20% every year.

Wadi Degla Developments was established in 2005. The company is specialised in construction and property development and has 20 real estate projects in the fields of residential and tourism projects. It is a subsidiary of Wadi Degla Holding.

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