SAM Developments has laid the foundation stone for its first project in the Egyptian market, 90 Gate, marking the start of preparations for construction works shortly after the project’s launch.
The company said that the first phase of the project had been sold out, adding that excavation and retaining-wall works are scheduled to begin as part of the initial construction activities.
Samer El-Beik, founder and chairperson of SAM Developments, stated that the move from launching the project to beginning implementation reflects the company’s focus on execution, quality, and adherence to its commitments.
Commenting on recent presidential directives concerning the review of contracts between developers and customers and adherence to delivery schedules, El-Beik said clearer and more balanced contractual relations would help protect customers and strengthen confidence in the real estate market.
He added that a stronger sector depends on developers with the financial capacity, experience, and technical capabilities needed to meet their obligations. Companies with genuine execution capabilities, he said, would benefit from a more regulated and transparent market.
El-Beik also rejected claims that the Egyptian real estate market is experiencing a full-scale slowdown, describing the current period instead as one of shifting priorities and greater selectivity among buyers and investors.
“Demand for real estate remains, but customers are paying closer attention to the developer’s track record, project location, product quality, execution capacity, and investment value,” he said.
He expected the market to witness greater stability and gradual growth, with competition increasingly based on product quality, delivery commitments, execution, and added value rather than solely on the volume of launches and marketing campaigns.
