Aqar Masr will introduce its latest development, Gusco, in the New Administrative Capital (NAC) in November, according to the company’s Commercial Director, Moataz Shalaby.
The project represents the company’s second project at the NAC. It is comprised of a ground floor and three upper floors. Spread out over around 15,000 sqm in the R8 district, Gusco includes offices, clinics, commercial units, and serviced apartments, and is expected to achieve sales of EGP 800m.
Shalaby said that the company is anticipating that it will receive ministerial approval for the project’s development soon.
He added, “The company intends for all units at the project to be sold within a year and a half, with expected sales of between EGP 500m-EGP 600m within a year.”
Regarding its first development project in the NAC, Shalaby said that the project was called ANAKAJI, the Nubian word for “my home”.
Spanning over 20 feddan, ANAKAJI is close to the NAC’s main road network, including the Mehwar Bin Zayed and Ring Road, and is comprised of 800 units with expected sales worth EGP 1.7bn.
The company has managed to sell 35% of the compound, constituting 280 units, since its launch in 2019, he said.
He further revealed that Aqar Masr targets EGP 450m in sales during 2020, with the company having already directed EGP 300m in construction works at ANAKAJI over the year.
“The company has provided flexible and affordable payment systems to clients in ANAKAJI project, having offered our clients a 12 year payment plan with 12% down-payment in equal instalments without exhausting them with other down-payments,” he said, “In November, we plan to offer a competitive new offer for clients for two months, and will do our best to motivate homebuyers to buy units inside our projects.”
Having begun construction works on the compound’s buildings, Shalaby said that Aqar Masr is one of the few companies that have obtained building permits.
He believes that the local real estate market has gradually improved since mid-June thanks to the real demand on property, as experience has shown property investments are a safer bet for investments than gold.
Shalaby said that companies with strong financial solvency will continue and survive, despite the economic effects of the novel coronavirus (COVID-19) pandemic. Moreover, fierce competition between companies has pushed them to provide their best offers to clients.