EGYGAB Developments completed marketing the first phase of its Granda Life project, with EGP 140m in sales, according to CEO Mohamad Samir Gaballah.

Gaballah said that the first phase includes 80 residential units and the company plans to offer the second phase early next month, which will include 60 units.

The project is located on 27 feddans in the city of Shorouk. The land was obtained via an auction offered by the New Urban Communities Authority (NUCA) at a cost of EGP 170m. The company has paid the full value of the land.

The total project’s units amount to 600 units of various sizes.

Gaballah noted that the company will start the project’s implementation by the end of next year, expecting to market about 30-40% of the project this year.

He further pointed out that the company intends to complete the marketing of Granda Life in Shorouk next year, with expected revenues of EGP 1.2bn.

“The initial investments of the project reach EGP 500m and it will be marketed over 10 phases in order to reduce the risk of a time gap between marketing and implementation, especially with the continuous changes in prices and market selling,” noted Gaballah.

He revealed that the company’s expansion plan during the coming period includes looking for investment opportunities in the governorates that have high purchasing power, especially in the Nile Delta region, where the company is awaiting the first investment offering in New Mansoura to study the opportunities available and determine its possible participation.

Gaballah added that the government, represented by the Ministry of Housing, must extend the period of land payment installments in order to ease the financial burdens imposed on developers, as well as indirectly support them to continue their role in financing clients by offering long repayment periods in order to maintain the functions of this important and highly influential market in the local economy.