Real Estate – Daily News Egypt https://www.dailynewsegypt.com Egypt’s Only Daily Independent Newspaper In English Thu, 23 May 2019 11:30:37 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 SODIC to pay EGP 1.2bn of outstanding land dues in 2019 https://www.dailynewsegypt.com/2019/05/22/sodic-to-pay-egp-1-2bn-of-outstanding-land-dues-in-2019/ Wed, 22 May 2019 08:00:16 +0000 https://www.dailynewsegypt.com/?p=698765 Company plans to offer second phase of Malaaz North Coast project in July, says managing director

The post SODIC to pay EGP 1.2bn of outstanding land dues in 2019 appeared first on Daily News Egypt.

]]>
Six of October Development and Investment (SODIC) allocated EGP 1.2bn for the company’s projected payments in 2019, the Managing Director and board member of SODIC, Maged Sherif, told Daily News Egypt.

The company plans to direct EGP 3.7bn for the construction of the company’s projects in 2019, aside of the land costs, Sherif noted during SODIC’s annual Iftar (Fast breaking meal in Ramadan) held on Monday.

He revealed that SODIC has managed to sell 90% of the Allegria Residence Compound’s first phase which has been offered in Cityscape-Egypt exhibition in March.

He noted that the company plans to launch a second phase of the project during the second half (H2) of this year.

Furthermore, he added that the company plans to offer the second phase of the Malaaz project in the North Coast in July.

“The most prominent projects that have joined the company’s plan recently are 500-feddan co-developed project with the New Urban Communities Authority in Sheikh Zayed extensions, which is a mixed-use development comprised of 5,000 units with total expected sales worth EGP 43bn, in addition to a new  150-feddan project in Al-Yusr land in the Sheikh Zayed city expansions,” he explained. “Moreover, the company has launched one of administrative buildings in EDNC, a dynamic office and retail complex located in New Cairo in the Eastown Residences project.”

He added that the company’s investment plan includes pumping investments worth EGP 3.7bn in the company’s projects during the current year and does not include the instalments of the land due this year.

Regarding the decrease in net profits in first quarter (Q1) of 2019, compared to Q1 of 2018, Sherif commented that the company has sold a plot of land with amounted to EGP 150m in Q1 of 2018, which causes a high growth margin in that quarter compared to Q1 of 2019, additionally in Q1 of this year, the company delivered units in the Villette project in New Cairo, which its profit margin is lower than the launch.   

He unveiled that the company is searching for efficient international operators in the field of education in schools and universities and entertainment for the company’s project development.

Furthermore, he stressed the importance of participating in external exhibitions to market the company’s projects whether for Egyptian expatiates or for non-Egyptian customers, where the percentage of Egyptians expatiates sales reaches 8 or 10% of the total company’s sales.  Therefore, the company is carefully studying and selecting the foreign exhibitions that the company plans to participate in, during the coming period.

“We are participating in exhibitions in the Gulf region, such as Dubai, Abu Dhabi, Bahrain, and Saudi Arabia. We are also studying participating in exhibitions in Europe, America, and Canada as part of the expansion of sales to foreign customers, not just Arabs and Egyptians,” Sherif said.

He pointed out that resolving the problem of high prices of lands in the local market is a strong basis for controlling market prices.

The land acquires a large percentage of the total projects’ cost, which means high unit costs and sales prices and consequently a lack of access to the target customer whose purchasing power is still stable.

Furthermore, he highlighted that Egypt’s real estate market is witnessing the launch of a huge package of new cities and national megaprojects which achieve integrated development, but need to cooperate with developers in the implementation of these plans. Moreover, they need to conduct direct dialogue and periodic meetings to discuss ways for developers to participate in the implementation of these development plans, as well as the need to expand the marketing of these investment opportunities abroad.

The company is considering and looking for new investment opportunities and once it finds the suitable opportunities, it will immediately seize it.

The company has recorded revenues of EGP 941m during Q1of 2019, growing by 84% compared to EGP 512m recorded for the same period last year, the company announced on Sunday.

The strong growth in revenues was mainly driven by Villette which contributed to around 50% of the delivered value.

Furthermore, gross profits were recorded at EGP 270m, with a gross profit margin of 29%, compared to EGP 266m recorded during the same period last year, reflecting a margin of 52%.

The post SODIC to pay EGP 1.2bn of outstanding land dues in 2019 appeared first on Daily News Egypt.

]]>
SODIC’s advance cheques for real estate projects reach EGP 4bn https://www.dailynewsegypt.com/2019/05/21/sodics-advance-cheques-for-real-estate-projects-reach-egp-4bn/ Tue, 21 May 2019 19:17:13 +0000 https://www.dailynewsegypt.com/?p=698735 Company disburses EGP 1.8bn out of EGP 3.2bn worth credit facilities

The post SODIC’s advance cheques for real estate projects reach EGP 4bn appeared first on Daily News Egypt.

]]>
Six of October Development and Investment (SODIC) has advance cheques worth EGP 4bn that have not yet been encashed, according to the company’s Managing Director and board member, Maged Sherif.

The company obtains advance payments and cheques covers for the full sales value in advance and before the delivery of units to customers.

Sherif told Daily News Egypt that the company has a strong financial solvency, liquidity, and credit facilities that are not fully utilized, thus SODIC does not need securitisation and avoids such an activity due to its high cost.

“We do not plan to launch a mortgage finance company currently, especially in light of banks’ high interest rate,” Sherif added, noting that his company is studying some innovative mechanisms and payment facilitations for customers wishing to buy any unit of SODIC’s projects.

SODIC has disbursed EGP 1.8bn of the total amount of credit facilities, amounting to EGP 3.2bn, according to Sherif.

“We are in the period of disbursement of these amounts of money and there are timetables for the repayment period of each loan and facility, and we use a large part of the credit facilities this year because we started construction in the current year,” Sherif said.

The company’s total land bank is 7m sqm. The company expects to achieve future sales of more than EGP 150bn over 10 years, he elaborated, pointing out that the company will also consider any strong and serious investment opportunity to appear in the market at any time in order to expand and diversify its projects’ portfolio.

The post SODIC’s advance cheques for real estate projects reach EGP 4bn appeared first on Daily News Egypt.

]]>
Royal aims to achieve EGP 250m in sales of its projects during 2019 https://www.dailynewsegypt.com/2019/05/20/royal-aims-to-achieve-egp-250m-in-sales-of-its-projects-during-2019/ Mon, 20 May 2019 11:54:06 +0000 https://www.dailynewsegypt.com/?p=698540 Company will deliver 8 residential buildings during current year

The post Royal aims to achieve EGP 250m in sales of its projects during 2019 appeared first on Daily News Egypt.

]]>
Royal for Real Estate Development aims to achieve sales worth EGP 250m of its projects during the current year.

The CEO of Royal for Real Estate Development, Sherif Shaalan, said that the company is carrying out a number of projects in the Fifth Settlement area in New Cairo.

Shaalan added that Royal for Real Estate Development has been operating in the market for about 12 years, during which it was able to execute and deliver more than 45 projects, comprised of separate buildings that are implemented and delivered according to the company’s contracts with its clients, with the required quality, luxury and finishing. Moreover, the company also provides after sale integrated service management.

Furthermore, Shaalan stated that the company will deliver eight residential buildings during the current year in El-Andalus and Lotus districts in New Cairo City.

Additionally, he elaborated that the company also offers various payment systems including seven different payment systems and an instalment period of seven years without interest.

He pointed out that 10 residential projects are being developed with a total investment cost of EGP 150m, noting that these projects’ delivery will begin this year and the rest will continue throughout the course of next year.

The company succeeded in delivering more than one project during the current year, which reflects the credibility and commitment in dates of implementation and delivery, in addition to maintaining the quality of the real estate product provided to customers,” Shaalan highlighted.

In addition, he stressed the strength of Egypt’s real estate market as it is based on a real demand supported by the population growth of various residential segments, especially middle-income people, which is the largest market segment in real estate sector.

Real estate sales are stable during the first quarter of the current year, he added, denying any deceleration in the market.

Additionally, Shaalan explained that the most important problems facing medium-sized companies are the lack of offered land to these companies by the state, represented by the ministry of housing, and called for the need to provide land at affordable prices in order to support these companies’ businesses, which play a strong role in solving the housing crisis for a large segment of customers in the market.

Furthermore, he stressed the importance of the development which is currently being undertaken by the state in a large number of cities and new urban communities, namely New Alamein, the New Administrative Capital, and New Mansoura, which include huge investment opportunities for all companies operating in the real estate market.

The post Royal aims to achieve EGP 250m in sales of its projects during 2019 appeared first on Daily News Egypt.

]]>
Mariout Hills invests EGP 162m in first city for sports medicine https://www.dailynewsegypt.com/2019/05/20/mariout-hills-invests-egp-162m-in-first-city-for-sports-medicine/ Mon, 20 May 2019 11:50:06 +0000 https://www.dailynewsegypt.com/?p=698543 City will receive about 18,000 athletes annually

The post Mariout Hills invests EGP 162m in first city for sports medicine appeared first on Daily News Egypt.

]]>
Mariout Hills Development, specialised in the establishment of sustainable cities, is preparing to establish the first sports medicine city in its sustainable city project in the North Coast with a total investment of EGP 162m.

Ahmed Hassan, chairperson of Mariout Hills, said that the sports medicine city will include the largest international centre for sports camps in the Middle East, as well as units and centres to discover and qualify talents in all individual and group games.

Hassan noted that the city will be inaugurated within two years.

“The sports centre will be ready to receive three football teams at a time, with a capacity of 100 people per day, and provide the most modern means of preparation, physical equipment, hospitalisation, rehabilitation, and specialised medical treatment. The city is characterised by a decreased carbon footprint in order to be the perfect place to host athletes,” Hassan said.

Furthermore, Hassan predicted that the sports medicine city will receive about 18,000 athletes annually from Africa and northern Europe, and plans to include an accredited centre of international associations for the detection of steroids.

On the other hand, the sports medicine city will comprise of two specialised centres. The first will specialise in the treatment of stadium injuries, knee and spine and physical rehabilitation, and women’s care and beauty, and it will be called Nefertiti. The second centre will be dedicated toward caring for senior citizens and the hospitalisation for the treatment of aging diseases, and psychological rehabilitation as well as special units for Alzheimer cases, he pointed out.

Furthermore, Hassan elaborated that the sports camps are part of the eco-development Ecocity project, located on an area of 200 feddan in Alamein City, and contains a community which combines housing and accommodation, tourism and health services, educational, medical and recreational services, and sports investment. It is located in the northern coast of the Alamein area in 83 km.

The post Mariout Hills invests EGP 162m in first city for sports medicine appeared first on Daily News Egypt.

]]>
Real estate council submits proposal to meet challenges of real estate investment https://www.dailynewsegypt.com/2019/05/20/real-estate-council-submits-proposal-to-meet-challenges-of-real-estate-investment/ Mon, 20 May 2019 11:45:22 +0000 https://www.dailynewsegypt.com/?p=698537 The proposals would help to coordinate between the four entities in order to find innovative solutions to some of the problems affecting the growth of real estate investment in Egypt. 

The post Real estate council submits proposal to meet challenges of real estate investment appeared first on Daily News Egypt.

]]>
The Egyptian real estate council has presented several proposals to meet a number of challenges facing the real estate sector during the current period and the relative deceleration in market sales to concerned parties in the sector. They were namely the Real Estate Investment Division at the Federation of the Egyptian Chambers of Commerce (FEDCOC), the Real Estate Development Chamber of the Federation of Egyptian Industries, and the Real Estate and Construction Committee of the Egyptian Businessmen Association. The proposals would help to coordinate between the four entities in order to find innovative solutions to some of the problems affecting the growth of real estate investment in Egypt. 

Chairperson of the Egyptian real estate council, Adel Lotfy, said that the main proposals discussed at the council’s meeting on Wednesday were raising of a memorandum to the Central Bank of Egypt (CBE) to enter into the financing of buyers within the initiative of the CBE to activate the real estate market. In addition, there needs to be a study of the establishment of a real estate investment fund involving developers and banks to facilitate developers to finance themselves and complete their projects.

Lotfy added that the meeting touched upon the study of assigning a centre of specialised market studies to conduct a careful quarterly study in order to assess the performance of the real estate sector with clear and real indicators to be used by real estate developers and those concerned with the real estate sector, to guide their future plans based on accurate information and to overcome the crisis of insufficiency, conflicting numbers and information in the sector.

Additionally, developers discussed rules which should be placed between developers and the state, he elaborated.

The post Real estate council submits proposal to meet challenges of real estate investment appeared first on Daily News Egypt.

]]>
New Avenue achieves EGP 5bn in sales for developers in 3 years https://www.dailynewsegypt.com/2019/05/20/new-avenue-achieves-egp-5bn-in-sales-for-developers-in-3-years/ Mon, 20 May 2019 11:36:59 +0000 https://www.dailynewsegypt.com/?p=698493 El-Dessouky further noted that the company achieved sales exceeding EGP 2bn for developers in 2018.

The post New Avenue achieves EGP 5bn in sales for developers in 3 years appeared first on Daily News Egypt.

]]>
New Avenue Real Estate Consultancy has achieved sales exceeding EGP 5bn for real estate developers since its launch in Egyptian market in March 2015, Invest-Gate reported.

Chairperson of New Avenue, Ahmed El-Dessouky, said in press statement on Thursday that the company aims to achieve sales worth EGP 3bn by the end of this year.

El-Dessouky further noted that the company achieved sales exceeding EGP 2bn for developers in 2018.

He pointed out that the company is marketing more than 100 real estate projects in various new urban communities, namely the Fifth Settlement, the New Administrative Capital, the North Coast, Ain Sokhna, Sahl Hasheesh, and El-Gouna.

He added that the company has opened a new branch specialised in the promotion of administrative and commercial units.

The company has developed a plan to participate in real estate exhibitions both inside and outside Egypt, to directly communicate with the largest customer base and to identify their market needs and demands, he elaborated, noting that New Avenue recently participated in the Everest real estate exhibition in Kuwait and achieved great sales.

The post New Avenue achieves EGP 5bn in sales for developers in 3 years appeared first on Daily News Egypt.

]]>
Master Group launches largest water park in Ain Sokhna with EGP 3bn investment https://www.dailynewsegypt.com/2019/05/20/master-group-launches-largest-water-park-in-ain-sokhna-with-egp-3bn-investment/ Mon, 20 May 2019 11:29:14 +0000 https://www.dailynewsegypt.com/?p=698534 Lasheen noted that the two projects' investments amounted to EGP 12bn.

The post Master Group launches largest water park in Ain Sokhna with EGP 3bn investment appeared first on Daily News Egypt.

]]>
Master Group revealed its investment plan during 2019 through the establishment of the largest water park city Ibiza Chillout with investments of up to EGP 3bn in Ain Sokhna on an area of 27.5 feddan.

Chairperson of the company, Muhammad Lasheen, said in press statement on Saturday, that the company intends to launch the water park project soon, which is the company’s third project after The City and The City Valley, in the New Administrative Capital.

Lasheen noted that the two projects’ investments amounted to EGP 12bn.

The new project comes are the result of the confidence of Master Group in the Egyptian market, which falls under the concept of leisure tourism enjoyed by Egypt due to its geographical location and moderate weather throughout the year, he elaborated.

Lasheen added further that Ain Sokhna is planned to include more than 200 hotel rooms, outdoor swimming pools, and sports activities as well as the most luxurious sauna and health club, which will make the city a tourist destination for domestic and foreign tourists throughout the year.

The post Master Group launches largest water park in Ain Sokhna with EGP 3bn investment appeared first on Daily News Egypt.

]]>
Jdar Group launches second phase of Sea View North Coast https://www.dailynewsegypt.com/2019/05/20/jdar-group-launches-second-phase-of-sea-view-north-coast/ Mon, 20 May 2019 11:07:42 +0000 https://www.dailynewsegypt.com/?p=698531 Fakhry added that the company offers its customers discounts for a limited period up to 20% when contracting on the second phase of the project, noting that the second phase is scheduled to be delivered in 2021.

The post Jdar Group launches second phase of Sea View North Coast appeared first on Daily News Egypt.

]]>
Jdar Group announced the launch of the second phase of Sea View North Coast which includes 94 buildings comprised of 468 units with various spaces.

Managing Director of the company, Ahmed Fakhry, said that Jdar Group launched the second phase of the project after it was able to complete the full sale of the first phase, and according to customers’ desire to obtain units in the second phase.

Fakhry added that the company offers its customers discounts for a limited period up to 20% when contracting on the second phase of the project, noting that the second phase is scheduled to be delivered in 2021.

Furthermore, Fakhry pointed out that 90% of the first phase of the Sea View project has been completed, with a total of 800 residential units, which are divided between chalets and villas.

The group is scheduled to deliver the entire first phase before the end of 2020. The company is also preparing to begin implementing a desalination plant for sea water, he pointed out.

Additionally, he elaborated that the project’s investments reached EGP 4bn, highlighting that it comprises of 1,650 units on 137 feddan and is being developed over three phases.

“The project includes several services that are offered for the first time in the North Coast. The project’s terraces are designed to enable residents of all units to view the sea,” he said, adding, “Moreover, the project includes a 5-star tourist hotel and sports area on 30,000sqm, tennis courts, gymnasiums, a jacuzzi, a sauna, a track, as well as a restaurant area directly overlooking the sea on an area of 30,000sqm, in addition to a commercial area on 20,000sqm to serve the project’s residents.”

The post Jdar Group launches second phase of Sea View North Coast appeared first on Daily News Egypt.

]]>
SODIC revenues grow 84% to EGP 941 in 1Q19 https://www.dailynewsegypt.com/2019/05/20/sodic-revenues-grow-84-to-egp-941-in-1q19/ Sun, 19 May 2019 23:22:40 +0000 https://www.dailynewsegypt.com/?p=698486 According to the press statement, the strong growth in revenues was driven mainly by Villette which contributed to circa 50% of the delivered value.

The post SODIC revenues grow 84% to EGP 941 in 1Q19 appeared first on Daily News Egypt.

]]>
Sixth of October Development & Investment Company (SODIC) recorded revenues of EGP 941m during the first quarter of 2019 (1Q2019) growing by 84% compared to EGP 512m recorded for the same period last year, the company announced on Sunday.

According to the press statement, the strong growth in revenues was driven mainly by Villette which contributed to circa 50% of the delivered value.

Furthermore, gross profit was recorded at EGP 270m, with a gross profit margin of 29%, this compares to EGP 266m recorded during the same period last year reflecting a margin of 52%.

While operating profits came in at EGP 149m versus EGP 193m during the same period last year and reflecting an operating profit margin of 16%.

Net profit amounted to EGP 161m during the quarter recording a net profit margin of 17%. This compares to EGP 211m recorded in 1Q18 reflecting a net profit margin of 41%

The statement cites that, total cash and cash equivalents amounted to EGP 4.3bn.

Bank leverage remains low with bank debt to equity at 0.35 folds. Since March 2019 SODIC’s bank debts outstanding were EGP 1.8bn reflecting a 56% utilization rate for available bank facilities of EGP 3.2bn.

Receivables of EGP 11.4bn provide strong cash flow visibility, with delinquency rates at 7%, while client deposits as of the end of the quarter were EGP 16.5 billion providing strong revenue visibility for the company.

SODIC recorded EGP 881m of net contracted sales on the back of limited new launches. During the quarter SODIC launched the first phase of Allegria Residence,  and the second phase of SODIC’s office complex on road 90 in East Cairo Eastown District New Cairo “EDNC” with a total value of both launches was EGP 1bn.

Net cash collections came in at EGP 1.1bn during the first quarter 2019, while delinquencies were recorded at 7%.

The post SODIC revenues grow 84% to EGP 941 in 1Q19 appeared first on Daily News Egypt.

]]>
Talaat Mostafa Group achieves EGP 4.4bn sales, EGP 476.7m net profit in Q1 2019 https://www.dailynewsegypt.com/2019/05/19/talaat-mostafa-group-achieves-egp-4-4bn-sales-egp-476-7m-net-profit-in-q1-2019/ Sun, 19 May 2019 13:31:19 +0000 https://www.dailynewssegypt.com/?p=698434 TMG Holding announced an increase of its property revenue to EGP 1.2bn by end March

The post Talaat Mostafa Group achieves EGP 4.4bn sales, EGP 476.7m net profit in Q1 2019 appeared first on Daily News Egypt.

]]>
Hisham Talaat Mostafa Group (TMG) real estate sales jumped in the first quarter of 2019 by 50% to reach EGP 4.4bn against EGP 2.9bn in the first quarter of 2018, the company revealed on Wendnesday.
TMG consolidated work results for the first three months of this year showed that its revenues surged to EGP 2.24bn at 39% increase. This tremendous hike resulted in plummeting its net profits by 17% to reach EGP 361.6m in the first quarter of 2018.
In a statement to the stock exchange on Wednesday, TMG Holding announced an increase of its property revenues, its main branch of business, to EGP 1.2bn in the end of March 2019 at a growth rate of 30.4%; thus achieving profits estimated at EGP 476.7m.
On the other hand, the group’s hotels, represented in Four Seasons Hotels (Nile, Alexandria and Sharm El Sheikh) revenues declined by only 5% to stand at EGP 375m against EGP 395.5m in the first quarter of the previous year.
TMG, led by the real estate developer Hisham Talaat Mostafa, profits of the activities with periodical revenues such as clubs and shopping malls soared by 124% to reach EGP 665m in the end of the first quarter against EGP 297m in the same period of the previous year. Thus, the group’s profits from such activities registered at EGP 295.9m.
Furthermore, TMG Group said that it has succeeded to control the costs by inner audit, which supported the profits to cover the losses incurred as a result of the foreign exchange difference that reached EGP 71m, thanks to the increase of the pound exchange rate against the dollar in the first quarter of this year.
As for its share performance on the stock exchange, it closed at EGP 10.75 per share at the end of Tuesday’s trading session, so it went up by 21%, the highest since the beginning of the year; as it closed at EGP 9.89 per share by the end of December’s trading.
Talaat Mostafa Group is the leading real estate developer in the Middle East, especially after constructing the largest privately-owned residential city Madinaty, in addition to Al-Rehab City and other successful projects. The total value of its under development projects reached EGP 41.7bn in the end of last year against EGP 30bn in 2017.
The total number of population residing in its projects is almost 700,000, or 0.7% of the Egyptians, with expectation to grow in the coming years.
TMG Group has delivered more than 86,000 units since its establishment including 5,000 units last year. In addition, it has 875 operating hotel rooms and currently develops 443 additional rooms.

The post Talaat Mostafa Group achieves EGP 4.4bn sales, EGP 476.7m net profit in Q1 2019 appeared first on Daily News Egypt.

]]>
Talaat Mostafa Group: Egypt’s leading real estate developer https://www.dailynewsegypt.com/2019/05/16/talaat-mostafa-group-egypts-leading-real-estate-developer/ Thu, 16 May 2019 11:16:47 +0000 https://www.dailynewsegypt.com/?p=698273 In 2018 TMG achieved EGP 1.7bn in profits, followed by MNHD with EGP 1.08bn, Palm Hills EGP 811.7m

The post Talaat Mostafa Group: Egypt’s leading real estate developer appeared first on Daily News Egypt.

]]>
Talaat Mostafa Group (TMG) is one of the leading and largest real estate developers in Egypt. TMG is the sole company to develop fully integrated cities in the country.

As for its assets in Egypt, TMG fixed assets, led by the real estate developer Hisham Talaat Mostafa, is estimated at EGP 23.8bn, making the company Egypt’s top real estate developer in terms of assets size. The Group is followed by Palm Hills with total fixed assets of EGP 15.7bn, then SODIC with EGP 8.1bn and Madinat Nasr for Housing and Development (MNHD) with EGP 6.2bn.

Being the biggest fixed assets of the Group and the most famous, the value of TMG brand value reached EGP 13.1bn, or more than 55% of its fixed assets, thanks to the tremendous achievement by the Group under the leadership of Hisham Talaat Mostafa, TMG Managing Director.

As for its capital, Talaat Mostafa Group is the pioneering real estate developer; its capital reached EGP 20.6bn, followed by SODIC with total capital of EGP 6.2bn. This huge capital provides TMG with the required financial liquidity to implement its mega projects and meet its clients’ needs.

In 2019, TMG revenues grew by EGP 10.9bn at 28.2% increase compared to 2018. The profits of its real estate projects, managed by Hisham Talaat Mostafa, represent 68.8% of the revenues, while 31.2% come from hotels and activities with periodical revenues such as shopping malls, clubs,  administrative and business buildings.

Moreover, TMG profits surged by 30.8% to reach EGP 1.7bn by the end of last year; thus topping other real estate companies. It is followed by MNHD after its profits grew to EGP 1.08bn at 22.2% increase.

Palm Hills profits hiked to EGP 811.7m up from EGP 805.6m a year earlier. However, the profits growth did not exceed 0.75%, driven by high administrative expenses that reached EGP 963.5m at 27.4% increase, in addition to high interests of land instalments that were doubled to reach EGP 249.6m.

Back to TMG Group, it succeeded in reducing its non-current liabilities to EGP 6.4bn against EGP 7.2bn; as the loans increased slightly by 1.6% only and its long-term liabilities were undermined to 3.2bn, or by 23.8%.

On the other hand, TMG current liabilities went up to EGP 59.4bn; however, the increase of the clients’ down payments for TMG projects surged to EGP 33.8bn against EGP 24.1bn marking an increase of 40.2%.

The post Talaat Mostafa Group: Egypt’s leading real estate developer appeared first on Daily News Egypt.

]]>
Intelli-Cities exhibition to be held in December with participation of 15 real estate developers https://www.dailynewsegypt.com/2019/05/13/intelli-cities-exhibition-to-be-held-in-december-with-participation-of-15-real-estate-developers/ Mon, 13 May 2019 09:30:56 +0000 https://www.dailynewsegypt.com/?p=697920 New Administrative Capital expected to participate in Intelli-Cities: Kamal

The post Intelli-Cities exhibition to be held in December with participation of 15 real estate developers appeared first on Daily News Egypt.

]]>
Trade Fairs International plans to launch the Intelli-Cities exhibition on 1 December in the same period of Cairo ICT exhibition with the participation of a number of well-known and reputable real estate developers and government agencies.

Osama Kamal, managing director of Trade Fairs International, told Daily News Egypt that the exhibition is seeking to include the Administrative Capital for Urban Development (ACUD) Company for its first time exhibition participation.

Kamal noted that the coming edition of the exhibition will focus on bringing smart integrated urban communities, new thinking and raising awareness among citizens about the importance of the availability of integrated services in real estate products in the market. This is accompanied by the goal of ending traditional thinking in building new residential communities.

The Managing Director of Trade Fairs International expected the participation of 15 real estate developers compared to about 10 developers in 2018,  as well as the participation of New Urban Communities Authority (NUCA), in addition to technology companies specialised in supporting the provision of integrated services for residential projects.

The exhibition will be held on an area of 7,000 sqm within the Cairo ICT exhibition in Egypt’s International Exhibition Center (EIEC), he elaborated. The exhibition will focus on establishing the idea of implementing a modern technological structure in the development of new urban communities as the cornerstone of modern smart cities, as well as meeting the needs of customers in providing the best integrated services.

Moreover, the Intelli-Cities exhibition offers developers several advantages: self-branding, acquiring data on customers’ needs as pertaining to smart homes and cities, as well as benefiting from Cairo’s ICT exhibition visitors which are estimated at 100,000.

The post Intelli-Cities exhibition to be held in December with participation of 15 real estate developers appeared first on Daily News Egypt.

]]>
MG Developments launches first permanent Kitesurfing centre in Blue Blue Sokhna Resort https://www.dailynewsegypt.com/2019/05/13/mg-developments-launches-first-permanent-kitesurfing-centre-in-blue-blue-sokhna-resort/ Mon, 13 May 2019 09:00:45 +0000 https://www.dailynewsegypt.com/?p=697923 Company completed pilot operation, started actual operation of centre: Centre Manager

The post MG Developments launches first permanent Kitesurfing centre in Blue Blue Sokhna Resort appeared first on Daily News Egypt.

]]>
MG Developments, developer of Blue Blue Resort El Sokhna, announced the launch of the first permanent kitesurfing (also known as kiteboarding) centre in Ain Sokhna following the experimental operation period.

The centre is one of a range of entertainment and sports services at Blue Blue Resort, which investments reaching EGP 2bn.

The resort extends over an area of 120,000sqm, and features a variety of chalets with varying sizes to suit all tastes, with the beach being 300m long.

Aya Al Shenawy, head of development, MG Developments, said that the Kitesurfing Sports Centre is the first in Ain Sokhna, and is considered the first kitesurfing centre to be developed by the company.

Karim El-Khashab, head of the Kitesurfing Sports Centre, noted that the pilot operation was begun last summer and now the centre is fully operatal in a way that allows customers to enjoy their annual vacation within Blue Blue Resort.

Blue Blue will work during the coming period to sponsor a number of competitions for kitesurfing and receive players and fans from around the world as a form of boosting and promoting tourism, said Mohamed Abdel Mordy, commercial director at MG Developments.

Abdel Mordy cited that the idea of establishing the kitesurfing centre inside the resort was due to Blue Blue’s location as the nearest sports centre for this type of sport to Cairo and close to the windmills area in Sokhna, which is far from the mountain by around 30km.

The post MG Developments launches first permanent Kitesurfing centre in Blue Blue Sokhna Resort appeared first on Daily News Egypt.

]]>
The Address purposes achieved EGP 3bn in sales for developers in 2019 https://www.dailynewsegypt.com/2019/05/13/the-address-purposes-achieved-egp-3bn-in-sales-for-developers-in-2019/ Mon, 13 May 2019 08:30:36 +0000 https://www.dailynewsegypt.com/?p=697917 Company recorded EGP 1.4bn in sales for developers during 2018: Chairperson

The post The Address purposes achieved EGP 3bn in sales for developers in 2019 appeared first on Daily News Egypt.

]]>
The Address for Real Estate Consultancy purposes achieved sales worth EGP 3bn for developers this year, according to Amr Badr, chairperson of the company.

Badr said that the company has achieved EGP1.4bn in sales for developers by the end of last year.

Furthermore, Badr added that the company markets 20 diversified projects to real estate companies in the New Administrative Capital (NAC) and that The Address is currently negotiating the marketing of new projects in different areas.

The NAC topped the scene during the past year in terms of customer’s demand rates, Badr noted, as the NAC’s projects accounted for about 25% of the company’s sales in 2018.

The total projects that the company is marketing is 65 for developers spread over more than 100 projects located in different residential areas namely the NAC, New Cairo, Mostakbal City, and the North Coast, he disclosed.

The chairperson explained that the launch of a package of cities and new urban communities contributed to diversifying investment opportunities for developers, which in return led to an increase in the volume of offered projects in the market last year.

The North Coast remains the first destination for second home seekers with the strong offerings in Ain Sokhna during the recent period along with the volume of development that takes place in the Galala Plateau region which draws many customers to live in as a first home because it is close to the NAC, he added.

Badr pointed out that the west Cairo area will witness a strong demand for housing and investment in the coming period due to the implementation of a number of megaprojects, in partnership between developers and New Urban Communities Authority, in addition to the great development being carried out. Moreover, the state plans to turn west Cairo into a touristic capital for Egypt with the inauguration of the Grand Egyptian Museum, and new cities such as the New Sphinx, among others.

The post The Address purposes achieved EGP 3bn in sales for developers in 2019 appeared first on Daily News Egypt.

]]>
Al-Wadi invests EGP 2bn in Agora Sidi Abdel Rahman project https://www.dailynewsegypt.com/2019/05/13/al-wadi-invests-egp-2bn-in-agora-sidi-abdel-rahman-project/ Mon, 13 May 2019 08:00:35 +0000 https://www.dailynewsegypt.com/?p=697912 Company plans to launch 400 new housing units in Agora Sidi Abdel Rahman in North Coast this year

The post Al-Wadi invests EGP 2bn in Agora Sidi Abdel Rahman project appeared first on Daily News Egypt.

]]>
Al-Wadi Tourism Investment and Real Estate directs EGP 2bn in investments to Agora Sidi Abdel Rahman project in North Coast, according to the company’s Commercial Director Ahmed Samir.

Samir told Daily News Egypt that the company plans to launch 400 new housing units in Agora Sidi Abdel Rahman project this year with areas ranging from 55 to 170 sqm.

He further noted that the company targets achieving sales of about EGP 400m in the current year.

Spanning over 21 feddan, Agora is a residential tourism project comprises 900 units and a hotel includes 120 rooms, in addition to a commercial part of the project which is a commercial mall located on an area of 21,000 sqm, Samir noted.

Samir added that the commercial mall has been fully operated and includes several intentional brands to serves the project’s clients and the surrounding area.

He elaborated that the company has developed four phases in the project which constitutes about 40%, as well as the company has managed to market 40% of Agora, adding that the project is being marketed on six phases.

“The commercial centre of the project encompasses several international brands, notably IKEA, which opened its second headquarters in Egypt and the first in the North Coast inside Agora on an area of 1,200 sqm,” he pointed out. “Three phases have been delivered to our clients and have been operating for two years. The project is run efficiently during the summer season due to integration of the project services and implementation of a large part of it.”

Samir stressed the importance of the development plan that the state is currently adopting to operate the North Coast region during the whole year and not only during summer season, especially with the existence of the state as the first developer in New Alamein city to implement a number of residential projects that attract developers to invest in the city.

“It is important that the state operates as a major developer in any new city to take the first risk and provide the necessary infrastructure to encourage developers to be in these cities. Therefore, developers are waiting for the state’s offerings for investment opportunities in New Alamein during the coming period to benefit from the state’s presence in the early phases of the city development,” he noted.

He expected that property prices in North Coast are expected to increase by about 50% over the next two years due to huge development process is being undertaken in the region, projecting high demand on buying and investing in the North Coast region over the next five years.

Additionally, he revealed that the company plans to capture new investment opportunities for next year in several areas identified by the company including Ain Sokhna and New Cairo and then West Cairo in cities of Sheikh Zayed and Sixth of October.

He explained that West Cairo is witnessing a demand coincides with the implementation of a series of major residential projects in partnership with real estate developers and the New Urban Communities Authority.

The market is expected to witness price increases of between 20 and 25% during the current year due to the high price of fuel expected next month, but the fear is the acceptance of customers to the increase and the continuation of the performance of companies with the same strength and achieve targeted sales for the current year, he forecasted.

He commented that the move to implement various residential units within the projects portfolio of real estate developer is a strong opportunity to maintain sales of companies during the coming period. Besides, the volume of efforts exerted by the government to support real estate sector recently confirms the importance of this sector and its role in supporting local economy.

The commercial director confirmed the importance of the state’s approach in cooperation with real estate developers to export real estate projects abroad in the coming period, which provides the element of confidence in the companies that operate abroad.

He pointed out that Egypt can acquire a considerable share of property export globally.

He revealed that sales of foreigners in Agora Sidi Abdel Rahman project constitutes about 10%, a good proportion which the company seeks to increase in the remaining units of the project.

The post Al-Wadi invests EGP 2bn in Agora Sidi Abdel Rahman project appeared first on Daily News Egypt.

]]>
MNHD records EGP 634.2m in consolidated revenues in Q1 https://www.dailynewsegypt.com/2019/05/09/mnhd-records-egp-634-2m-in-consolidated-revenues-in-q1/ Thu, 09 May 2019 14:12:06 +0000 https://www.dailynewsegypt.com/?p=697624 Madinet Nasr Housing and Development (MNHD), an urban developer in Egypt, recorded consolidated revenues of EGP 634.2m in the first quarter (Q1) of 2019, up 3.8% year-over-year (y-o-y) from the EGP 610.8m recorded during Q1 of 2018. MNHD announced on Thursday its results for Q1 ending 31 March 2019, reporting that consolidated net profits for …

The post MNHD records EGP 634.2m in consolidated revenues in Q1 appeared first on Daily News Egypt.

]]>
Madinet Nasr Housing and Development (MNHD), an urban developer in Egypt, recorded consolidated revenues of EGP 634.2m in the first quarter (Q1) of 2019, up 3.8% year-over-year (y-o-y) from the EGP 610.8m recorded during Q1 of 2018.

MNHD announced on Thursday its results for Q1 ending 31 March 2019, reporting that consolidated net profits for the quarter increased 4.8% y-o-y to EGP 328.7m in Q1 of 2019 from the EGP 313.5m recorded during the same quarter of last year, reflecting a slight net margin expansion of 0.5 percentage points to 51.8% in Q1 of 2019.

During Q1 of the year MNHD’s presales increased 8.9% y-o-y to EGP 1.72bn from EGP 1.58bn recorded during the same period last year.

The company elaborated that the presales were driven by strong demand for residential units combined with the launch of Cobalt Business District (CBD) in Taj City, the first office park to be launched by MNHD.

Moreover, MNHD has delivered 68 units up 70% y-o-y during the first three months of 2019, bringing the total number of units delivered as of 31 March 2019 in Tag Sultan and Primera to 1,971.

On a standalone basis, revenues came in at EGP 570.4m for Q1 of 2019 up from the EGP 545.3m recorded during the same quarter last year and representing a 4.6% y-o-y in top-line expansion. Standalone net profits reported a 1.0% y-o-y increase to EGP 332.1m compared to EGP 328.9m recorded in Q1 of 2018. Net profit margins contracted 2.1 percentage points, coming in at 58.2% in Q1 of 2019 compared to the 60.3% recorded in the same quarter last year.

Presales at Taj City recorded EGP 595m in Q1 of 2019, representing 200 units. This marked a contraction from the EGP 1,193m recorded in Q1 of last year due to the company’s concentration on SARAI this quarter.

Additionally, the total presales at MNHD’s SARAI development amounted to EGP 634m during Q1 of 2019, representing 235 units, and a significant increase compared to the EGP 311m in presales recorded in Q1 last year.

The post MNHD records EGP 634.2m in consolidated revenues in Q1 appeared first on Daily News Egypt.

]]>
Real Estate Council submits proposal to provide social housing in partnership with state https://www.dailynewsegypt.com/2019/05/08/real-estate-council-submits-proposal-to-provide-social-housing-in-partnership-with-state/ Wed, 08 May 2019 20:32:07 +0000 https://www.dailynewsegypt.com/?p=697592 Chairperson of the Egyptian Real Estate Council, Adel Lotfy, said that the council has completed a draft of the proposal for developing social housing for youth in partnership with the state. Lotfy added that the council has submitted the proposal to New Urban Communities Authority (NUCA), which focused on setting a price ceiling for the …

The post Real Estate Council submits proposal to provide social housing in partnership with state appeared first on Daily News Egypt.

]]>
Chairperson of the Egyptian Real Estate Council, Adel Lotfy, said that the council has completed a draft of the proposal for developing social housing for youth in partnership with the state.

Lotfy added that the council has submitted the proposal to New Urban Communities Authority (NUCA), which focused on setting a price ceiling for the sale of these units, to discuss and reach agreements on the draft for implementation and the provision of these units within the state initiative to provide housing for the most needy groups in the community.

He pointed out that the state had to shoulder a heavy burden in order to provide these units that exceed its potential, especially with the implementation of megaprojects and the establishment of new cities in different governorates, which requires cooperation and partnership between the state and the private sector to share this burden.

Furthermore, Lotfy noted that the council has also prepared a draft proposal for the Real Estate Developers Federation Law and submitted it to the NUCA and the ministry of housing for discussion, including several points that should be taken into consideration when establishing a federation of real estate developers.

“The council always focuses in its dealings to cooperate fully with all entities and bodies representing developers such as the Real Estate Investment Division at the Federation of the Egyptian Chambers of Commerce (FEDCOC), the Real Estate Development Chamber of the Federation of Egyptian Industries and Real Estate and Construction Committee of Egyptian Businessmen Association as concerned official bodies in the sector,”  Lotfy explained.

The post Real Estate Council submits proposal to provide social housing in partnership with state appeared first on Daily News Egypt.

]]>
Better Home decides to abolish expenses of unit’s ownership transfer https://www.dailynewsegypt.com/2019/05/06/better-home-decides-to-abolish-expenses-of-units-ownership-transfer/ Mon, 06 May 2019 10:30:51 +0000 https://www.dailynewsegypt.com/?p=697265 The board of directors of the Better Home Group company issued a decision to abolish expenses of transferring units’ ownership in the company’s projects, estimated at about 6% of the total value of the residential unit, as a facilitation for customers. The company pointed out that the board of directors decided to abolish these expenses …

The post Better Home decides to abolish expenses of unit’s ownership transfer appeared first on Daily News Egypt.

]]>
The board of directors of the Better Home Group company issued a decision to abolish expenses of transferring units’ ownership in the company’s projects, estimated at about 6% of the total value of the residential unit, as a facilitation for customers.

The company pointed out that the board of directors decided to abolish these expenses as per the New Urban Communities Authority (NUCA) and Article 15 of the Consumer Protection Law, stressing the company’s keenness to meet all customer wishes and facilitating them.

Furthermore, Better Home Group confirmed that the current period witnessed an unprecedented urban development boom coinciding with the establishment of procedures and legislations to regulate the real estate market, which ultimately serves the interest of the state, consumers, and companies operating in the sector, and reflects an insight into market regulations.

The company is keen to be the first real estate developer in the New Administrative Capital (NAC) through the implementation of its first project by acquiring a plot of land in the first land offering in the Capital with an area of 60 feddan, called Midtown New Capital, which has a geographical location near Cairo Expo City, Almasa Royal Palace, Central Park, the Cathedral, and Green River.

Additionally, the company owns the Midtwon Solo project on 66 feddan in R7, comprising of standalone villas with various spaces and prices. In addition, Midtown Condo, which is the third project for Better Home Group in the NAC, and spans over 60 feddan in R7, close to embassies district in the NAC, encompasses apartments only.

Moreover, the company has recently launched the fourth project in the NAC, which is Midtown Sky, stretching over 122 feddan in R7, and includes standalone villas, twin houses, townhouses, apartments, as well as commercial units.

The post Better Home decides to abolish expenses of unit’s ownership transfer appeared first on Daily News Egypt.

]]>
Mariout Hills launches first sustainable city in North Coast https://www.dailynewsegypt.com/2019/05/06/mariout-hills-launches-first-sustainable-city-in-north-coast/ Mon, 06 May 2019 10:00:44 +0000 https://www.dailynewsegypt.com/?p=697260 The investment cost for the first phase of the first sustainable “eco-city” in Egypt is EGP 2.4bn, Ahmed Hassan, chairperson of Mariout Hills Developments, a specialist in sustainable cities, said. Hassan noted that the eco-city will be located in the North Coast, explaining that it will comprise of residential units which comply with all globally …

The post Mariout Hills launches first sustainable city in North Coast appeared first on Daily News Egypt.

]]>
The investment cost for the first phase of the first sustainable “eco-city” in Egypt is EGP 2.4bn, Ahmed Hassan, chairperson of Mariout Hills Developments, a specialist in sustainable cities, said.

Hassan noted that the eco-city will be located in the North Coast, explaining that it will comprise of residential units which comply with all globally adopted environmental requirements, and depends entirely on clean energy from solar power plants, potable drinking water production units with condensation technology in order to achieve full self-sufficiency in energy, water, and organic food.

Furthermore, he elaborated that the sustainable development project is a community that combines housing and accommodation, health tourism, educational, medical, and recreational services and sports investment, with higher investment returns than the existing ones due to the low consumption cost.

Hassan pointed out that sustainable development should represent the future vision of the pioneers of reconstruction in Egypt and the Middle East, a departure from the traditional building style, to establish eco-friendly and non-resource depleting cities.

Marriott Hills Developments is a Swiss-Egyptian multinational company and a member of the Swiss Egyptian Business Association, which includes nationalities from 15 Arab and European countries, notably Denmark, Switzerland, Austria, Sweden, the United Kingdom, Australia, the UAE, Kuwait, and Bahrain.

The post Mariout Hills launches first sustainable city in North Coast appeared first on Daily News Egypt.

]]>
Trulia for Real Estate to contract with 30 developers to market their projects https://www.dailynewsegypt.com/2019/05/06/trulia-for-real-estate-to-contract-with-30-developers-to-market-their-projects/ Mon, 06 May 2019 09:30:14 +0000 https://www.dailynewsegypt.com/?p=697257 Trulia for Real Estate has started contracting with a group of leading real estate developers in Egypt to market their residential, commercial, and coastal projects, and is negotiating to include more projects in its marketing portfolio. Ahmed Abdel Naeem, chairperson of Trulia, said his company has started contracting with 30 real estate companies to market …

The post Trulia for Real Estate to contract with 30 developers to market their projects appeared first on Daily News Egypt.

]]>
Trulia for Real Estate has started contracting with a group of leading real estate developers in Egypt to market their residential, commercial, and coastal projects, and is negotiating to include more projects in its marketing portfolio.

Ahmed Abdel Naeem, chairperson of Trulia, said his company has started contracting with 30 real estate companies to market their projects, and is characterised by geographical and price diversity to satisfy the needs of the largest segment of customers.

Abdel Naeem explained that the residential projects are distributed in several cities, including New Cairo, the New Administrative Capital (NAC), the Sixth of October, and Sheikh Zayed. The company also offers its coastal offers in the North Coast, Ain Sokhna, El Gouna, Marsa Alam, and Sahl Hasheesh.

Furthermore, he noted that Trulia focused on its contract on projects in the NAC because of excellent investment opportunities there, as a promising city which grabs the attention of customers in the current period in addition to the great interest of the state by promoting the project and providing factors of success as a national project. The NAC and Ain Sokhna represents 60% of the contracted projects, he revealed.

Mohammed Moustafa, vice chairperson and head of sales, said that the company has set up a plan for external marketing and export of real estate in line with the state’s strategy.

Moustafa added that the company is currently considering signing cooperation protocols with several marketing companies outside Egypt.

He pointed out that Trulia relies on the experience of its large market founders, which extends for more than 10 years, along with the inclusion of a large number of experienced marketing consultants, which facilitated the signing of numerous contracts with large real estate companies.

The post Trulia for Real Estate to contract with 30 developers to market their projects appeared first on Daily News Egypt.

]]>
Al Riyadh Misr to deliver 100 units by year-end in Shorouk City https://www.dailynewsegypt.com/2019/05/06/al-riyadh-misr-to-deliver-100-units-by-year-end-in-shorouk-city/ Mon, 06 May 2019 09:00:45 +0000 https://www.dailynewsegypt.com/?p=697248 Company achieved 30% of targeted sales by end of Q1 of 2019

The post Al Riyadh Misr to deliver 100 units by year-end in Shorouk City appeared first on Daily News Egypt.

]]>
Al Riyadh Misr for Real Estate Development plans to deliver 10 separate buildings comprising of 100 units by the end of the current year in Shorouk City, Hossam Abd El Ghany, vice chairperson of the company told Daily News Egypt.

Abd El Ghany added that the company targets selling 250 units in the current year, out of which 100 units are in El Narges, New Cairo.

The company is developing separate buildings projects in Beit Alwatan, El Narges in New Cairo and Shorouk City on areas of 500 sqm to 1,200 sqm, Abd El Ghany noted.

He further disclosed that the company is developing a mini compound in Beit Alwatan encompassing about 25 units, adding that the company plans to launch another two mini compounds in El Narges and Shorouk City with spaces of 157 sqm to 212 sqm.

“Due to high competition in New Cairo especially in Beit Alwatan, New Cairo, the company has developed and launched new products which depends on a garden attached to a studio for every unit in the building, meaning that the client who buys a unit owns a garden and a studio unit with spaces ranging between 20 sqm to 30 sqm on the ground floor,” Abd El Ghany explained. “We are the exclusive and first developers in Egypt to introduce for each apartment all amenities needed for a luxurious life. The idea is the result of intensive research in the Egyptian market to introduce residential solutions with advanced perspective,” maintained the vice chairperson of the company.

Moreover, he elaborated that the apartment has a garden, studio, storage and parking area, adding that the company will deliver units half finished with spaces starting from 130 sqm to 210 sqm. Meanwhile the studios will be fully finished with a solid infrastructure to prevent damage from heavy rain or sanitation services.

With a facilitated payment plan reaches five years and a 0% down-payment, the company plans to develop 500 units in three years, out of which 100 units will be delivered in the current year. The price per square meter is between EGP 6,000-8,000 in Beit Alwatan, ranges between EGP 5,000-7,000 in Shoruk City, and starts from EGP 7,000 to EGP 9,000 in El Narges area.

Commenting on the effect of the launch of New Administrative Capital (NAC) on the projects of New Cairo, Abd El Ghany said that the launch of the NAC project promoted the sales of projects in Beit Alwatan and El Narges regions, especially considering its proximity to Madinaty and Rehab City.

He pointed out that the NAC is by far the largest national project, and it is receiving great interest by the Egyptian state, and witnesses significant demand by Egyptians and home seekers.

“The company has achieved 30% of targeted sales by the end of the first quarter (Q1) of the current year,” Abd El Ghany noted, adding, “The company is keen on carefully selecting clients to preserve the developed community.”

Additionally, the company targets launching a compound project in east Cairo in 2020-2021, eying investment opportunities in Mostakbal City or the NAC, he revealed, noting that the company has enough land bank for developing more projects.

Abd El Ghany expected price hikes of 5% in Egypt’s real estate market in the current year in the event of increased oil prices.

AL Riyadh Misr is a national real estate development company. The company has been working in the Egyptian real estate market since 2007, and since 2016 the company began to market its projects and others’ projects.

The post Al Riyadh Misr to deliver 100 units by year-end in Shorouk City appeared first on Daily News Egypt.

]]>
Al Marasem launches ‘Partners Not Only Clients’ real estate investment system https://www.dailynewsegypt.com/2019/05/06/al-marasem-launches-partners-not-only-clients-real-estate-investment-system/ Mon, 06 May 2019 08:30:39 +0000 https://www.dailynewsegypt.com/?p=697254 Partnership system: investor owns 50% of unit value, Al Marasem owns other 50%

The post Al Marasem launches ‘Partners Not Only Clients’ real estate investment system appeared first on Daily News Egypt.

]]>
Al Marasem International for Development has launched a new real estate investment system called ‘Partners and Not Only Clients’ in its Fifth Square project, the first of its real estate investment projects.

During a Saturday press conference, the company said that the project is built on 158 feddan in the Fifth Settlement, New Cairo, and it was launched in the second half of 2017, noting that the delivery of the first phase of the project will begin in 2020.

The company revealed that the project’s investments are estimated at EGP 1.4bn. 

Furthermore, Al Marasem said that investment in luxury residential compounds with premium services is best for real estate investors, given the high return on investment through resale or high-value rent–however the biggest obstacle is to increase the investment value which may exceed the capacity of many investors. Therefore, Al Marasem has developed a partnership system to enable investors to invest in a high quality distinguished product in the real estate market, thus incurring a high rate of return on investment in case of sale, as well as high rental value in case of investment for rent.

This is done by paying the value of the partnership which represents the purchase of 50% of the unit value. The owner of the second 50% of the unit’s value is Al Marasem for Assets Management which will own 50% of the entire project units, where it focuses on the acquisition, development, and management of assets, the company elaborated.

The company explained that the client pays 50% of the unit’s value for four years. In addition, the client has the right to buy the second 50% of the units with the same value he contracted on, which is an additional advantage to the partnering investor.

Moreover, the company highlighted that clients can resell their shares (50% of the unit) before or during the delivery phase according to the market price, which is expected to increase by 10% to 15% year-over-year. Additionally, the client can easy sell, rent, or buy the entire unit upon receiving it.

On the other hand, the company has offered a new product in the Fifth Square project, named ‘Lake Residence,’ which guarantees that the client receives a fully finished unit with air conditioning and home appliances.

The post Al Marasem launches ‘Partners Not Only Clients’ real estate investment system appeared first on Daily News Egypt.

]]>
Yafa Mac to launch third phase of Emirates Heights project in North Coast by 2020 https://www.dailynewsegypt.com/2019/05/05/yafa-mac-to-launch-third-phase-of-emirates-heights-project-in-north-coast-by-2020/ Sun, 05 May 2019 19:56:07 +0000 https://www.dailynewsegypt.com/?p=697233 Company plans to launch new residential tourism project in Borg El Arab

The post Yafa Mac to launch third phase of Emirates Heights project in North Coast by 2020 appeared first on Daily News Egypt.

]]>
Yafa Mac Touristic Company plans to launch the third phase of Emirates Heights in the North Coast in 2020, according to Ramy El Haggar, company’s CCO.

EL Haggar said in a press conference on Sunday that the third phase encompasses 3,000 units and will be developed within three years, adding that the company is currently developing the phase’s feasibility study.

Furthermore, El Haggar disclosed that the company also targets completing the first and second phases of the projects comprising of 2,400 units by the end of 2019.

He noted that Yafa Mac has sold the first and second phases of the project.

Emirates Heights spans over 230 feddan and is being developed over five phases. The company has delivered1,500 units and about 1,000 units are inhabited.

“The company has directed EGP 2bn in the two phases’ construction and will direct another EGP 400m in 2019/2020.  The company will allocate EGP 200m in developing a large aqua park on 12,000 sqm and the company is negotiating with two foreign companies to develop the aqua park to become the biggest aqua park in Egypt,” El Naggar pointed out.

“Additionally, the company has achieved EGP 2bn in sales of the project targeting accelerating the construction of the project.”

Over and above, the company targets recording EGP 5bn in sales of the third phase of Emirates Heights.

The commercial director revealed that the company is preparing to launch a new residential and touristic project in Borg El Arab, Alexandria, on 140 feddan, noting that Yafa Mac will reconduct the new project’s feasibility study and pricing units.

The post Yafa Mac to launch third phase of Emirates Heights project in North Coast by 2020 appeared first on Daily News Egypt.

]]>
Egypt’s real estate prices have hiked by 75% since pound flotation https://www.dailynewsegypt.com/2019/05/03/egypts-real-estate-prices-have-hiked-by-75-since-pound-flotation/ Fri, 03 May 2019 10:00:16 +0000 https://www.dailynewsegypt.com/?p=697043 Real estate prices in the Egyptian market have hiked by an average of 75% since the floatation of the Egyptian pound till now, according to Mahmoud Abdel Halim, chairperson of MREC for Integrated Real Estate Services. Abdel Halim noted in a press statement on Thursday that the price spikes in some projects and regions reached …

The post Egypt’s real estate prices have hiked by 75% since pound flotation appeared first on Daily News Egypt.

]]>
Real estate prices in the Egyptian market have hiked by an average of 75% since the floatation of the Egyptian pound till now, according to Mahmoud Abdel Halim, chairperson of MREC for Integrated Real Estate Services.

Abdel Halim noted in a press statement on Thursday that the price spikes in some projects and regions reached 85% following the decision of floating the pound in late 2016.

Moreover, Abdel Halim explained that the rates of price increases have relatively stabilised in the current period, which confirms that most of the increases in the last two years were real increases due to rising costs. 

Additionally, he pointed out that the period which immediately followed the flotation witnessed a great demand by a large number of holders of financial liquidity on real estate as it is the safest investment and has the ability to maintain its value through earning profits from resale.

“The spread of rent mechanism will contribute toward promoting investment in the real estate sector and entry of more foreign capital into Egypt and the success of the export of real estate,” Abdel Halim elaborated. He added, “The expansion of rent will increase the annual return on investment by 10 to 14% and provide opportunities for investors to obtain increased periodic returns for resale purchases.”

Abdel Halim disclosed that the supply currently does not match real and accumulated demand by customers, pointing out that the excessive number of companies advertising their properties, including outdoor ads, gave a wrong impression of the increase in supply while there is no available demand on property.

The post Egypt’s real estate prices have hiked by 75% since pound flotation appeared first on Daily News Egypt.

]]>
Misr Italia begins VINCI project construction works with EGP 500m investments https://www.dailynewsegypt.com/2019/04/24/misr-italia-begins-vinci-project-construction-works-with-egp-500m-investments/ Wed, 24 Apr 2019 19:15:00 +0000 https://www.dailynewsegypt.com/?p=696756 Misr Italia Properties begins the construction work of VINCI boutique residential project with investments worth EGP500m in 2019. Misr Italia Properties announced finalising a deal with three contracting companies to implement the construction works of VINCI project. With construction of the project starting in 2019, the company plans to accelerate the delivery of units in 2022. Mohamed Hany …

The post Misr Italia begins VINCI project construction works with EGP 500m investments appeared first on Daily News Egypt.

]]>
Misr Italia Properties begins the construction work of VINCI boutique residential project with investments worth EGP500m in 2019.

Misr Italia Properties announced finalising a deal with three contracting companies to implement the construction works of VINCI project. With construction of the project starting in 2019, the company plans to accelerate the delivery of units in 2022.

Mohamed Hany Al Assal, Misr Italia Properties Co-CEO, said that the company pursues achieving a leap in the real-estate sector as well as taking distinctive steps in developing its second project in the New Administrative Capital (NAC).

Al Assal confirmed that the company aims to offer the best customer experience through early delivery of the project ahead of the scheduled plan.

He further added that Misr Italia is determined to set exquisite architecture standards in the NAC; Hany Saad Innovations office was selected for the exterior and interior architectural designs to surpass clients’ expectations in VINICI. Additionally, MIP offers landscape and customised design options, including flexible façade designs that suit the clients’ needs.

Notably, VINCI is a residential compound with prime location in the New Capital’s diplomatic area covering an area of 110 feddan. Misr Italia launched VINCI Street an integrated service area incorporating premium retail spaces, entertainment areas, and clinics with 0% down payment and up to 6-year payment plans, Al Assal elaborated.

Al Assal also highlighted that VINCI includes villas, town, and twin houses and upscale apartments with one to four bedrooms. The built up area of the project is only 17% while the remaining space of 83% is allocated for garden landscapes and huge retail area for commercial and entertainment purposes.

“Misr Italia’s land bank reaches up to 6m sqm. The company manages a huge portfolio of unique projects; Kai Sokhna, with total investments of EGP 1bn which includes a boutique residential resort and a 5-star hotel that entails all entertainment and luxury services managed by Hilton Worldwide,” he noted. Al assal added, “Cairo Business Park project in New Cairo is the new fully integrated business hub and ‘La Nuova Vista’ residential project, which includes 131 villas, and ‘Garden 8’ the full fledge recreational hub were established with total investments of EGP 800m.”

Additionally, the company develops IL Bosco project in the NAC with total investments of EGP 16bn. Furthermore, the company is introducing IL Bosco City, which is its latest family member very soon in Mostakbal City.

The post Misr Italia begins VINCI project construction works with EGP 500m investments appeared first on Daily News Egypt.

]]>
Cairo’s real estate market performance remains strong in Q1of 2019: JLL https://www.dailynewsegypt.com/2019/04/23/cairos-real-estate-market-performance-remains-strong-in-q1of-2019-jll/ Tue, 23 Apr 2019 21:36:02 +0000 https://www.dailynewsegypt.com/?p=696680 According to the Jones Lang LaSalle (JLL) report, performance remained strong across all sectors of the Cairo real estate market in the first quarter (Q1) of 2019. JLL added that the residential sector registered mixed performance, with sale prices slowing over the quarter, while rental rates increased on the back of limited supply of rental …

The post Cairo’s real estate market performance remains strong in Q1of 2019: JLL appeared first on Daily News Egypt.

]]>
According to the Jones Lang LaSalle (JLL) report, performance remained strong across all sectors of the Cairo real estate market in the first quarter (Q1) of 2019.

JLL added that the residential sector registered mixed performance, with sale prices slowing over the quarter, while rental rates increased on the back of limited supply of rental property in Greater Cairo.

Concerning the supply of the residential sector, the Q1 of 2019 saw the delivery of approximately

4,350 residential units including Layan Residence’s second phase, Villette, and Degla Lake Front in the

east (all of which are villas), and the Courtyards (apartment units) in the west. Almost all units in

the Courtyard project have been sold off-plan to higher-income households. An additional 12,500 and 46,700 units are expected to be handed over in the remainder of 2019 and 2020 respectively.

Meanwhile, concerning the performance of the residential sector, sale prices in the secondary market declined marginally in Q1 of 2019, due to a reduced level of affordability within the upper segments of the residential market.

Furthermore, the office sector continued to witness healthy growth levels, with integrated office parks within residential gated communities performing strongly.

Concerning the supply of the office sector, JLL explained that only 2,800 sqm of gross leasable area (GLA) were delivered to the market in Q1, bringing the current total office stock to 1m sqm of GLA.

“Supply is expected to increase further over the next 12 months with the expected delivery of

approximately 23,000 sqm of office GLA, and an additional 156,000 sqm of office space is expected to be handed over in 2020,” according to JLL.

Retail rents remained stable during Q1 but increased over the past year, with further growth expected in the rest of 2019.

In terms of the supply of the retail sector, JLL stated that it remained unchanged at 2.1m sqm of GLA, as no new retail centres were delivered to the market in Q1. An additional 381,000 sqm of retail space is expected to enter the market by the end of the year, including Madinaty Mega Mall which is partially open, Almaza City Centre, and the Yard Mall. Most of the future supply is in New Cairo, with limited announcements in West Cairo. New developments are largely focused in areas which lack existing purpose-built good quality retail, which will contribute to their success.

“The hotel and tourism sector witnessed sturdy growth levels, with occupancy rates increasing to 77% in the year-to-February 2019,” according to JLL.

It added that enhanced security measures, reforms in the tourism sector, improved public relations and publicity campaigns all contributed to this growth.

JLL explained further that the hotel supply in Cairo currently stands at 23,300 rooms. The last addition was the St Regis in downtown Cairo (adding 366 rooms to the market in late 2018), with no further additions recorded in Q1 of 2019.

An additional 600 rooms are expected (excluding one development on hold) to enter the market over the remainder of 2019, including the Hilton Maadi Tower and the Element Hotel (an eco-conscious development hotel), provided there are no further delays.

The post Cairo’s real estate market performance remains strong in Q1of 2019: JLL appeared first on Daily News Egypt.

]]>
Marakez awards Hassan Allam construction of AEON Towers https://www.dailynewsegypt.com/2019/04/23/marakez-awards-hassan-allam-construction-of-aeon-towers/ Tue, 23 Apr 2019 21:35:56 +0000 https://www.dailynewsegypt.com/?p=696682 Project’s total investment worth EGP 2.2bn

The post Marakez awards Hassan Allam construction of AEON Towers appeared first on Daily News Egypt.

]]>
Marakez, the mixed-use developers in Egypt, has awarded Hassan Allam Construction, a subsidiary of Hassan Allam Holding, the construction work for AEON Towers located within Marakez’s residential project AEON.

Basil Ramzy, the CEO of Marakez, said, “AEON Towers, our 72-metre luxury towers located within AEON in the heart of Sixth of October city are the first of their kind to be developed in any of Cairo’s new urban communities. The complexity of the technical systems and the demands of the luxury amenities of the project required a particularly capable and experienced contractor to help bring the towers to reality; we are pleased to have reached terms with Hassan Allam Construction to be that partner”.

Hassan Allam, CEO of Hassan Allam Holding, said: “As a recognised industry leader, it is our pleasure to be awarded the construction of AEON Towers, a project that includes innovative concepts and iconic homes that set a new standard for contemporary living in Egypt.”

 

With a total investment of EGP 2.2bn, AEON will feature West Cairo’s first luxury high-rise residential buildings – AEON Towers – comprised of three 72-metre (20-floor) high-end residential units over a total built-up area of approximately 66,500 sqm, constructed above a two-story underground parking garage.

Located southeast of Mall of Arabia, the mall will have it all, with a direct pedestrian link. AEON will include a total of 401 units, offering a wide variety of designs, with studios and apartments ranging from one to four bedrooms, as well as penthouse duplexes with unmatched views of the city, ranging in size from 85 to 665 sqm. Delivery of the first tower is expected in 2022.

The foundation works were carried out in the company’s residential AEON Towers project and it comprises of three residential towers with 400 apartments of various sizes, in addition to Aeon Courtyard buildings, which is scheduled to be delivered in the current year, six months ahead of schedule, Ahmed Badrawi, the CEO of Marakez, previously told Daily News Egypt.

The post Marakez awards Hassan Allam construction of AEON Towers appeared first on Daily News Egypt.

]]>
HHD offers 44 plots of land at Airport Sheraton by public auction in May https://www.dailynewsegypt.com/2019/04/22/hhd-offers-44-plots-of-land-at-airport-sheraton-by-public-auction-in-may/ Mon, 22 Apr 2019 09:30:54 +0000 https://www.dailynewsegypt.com/?p=696475 The Heliopolis Company for Housing and Development (HHD), one of subsidiaries of the Holding Company for Construction and Development affiliated to the ministry of public enterprise sector, intends to sell 44 plots of land on the main streets of the Sheraton area, in east Cairo. The HHD’s Managing Director, Sahar Al Damati, said in press …

The post HHD offers 44 plots of land at Airport Sheraton by public auction in May appeared first on Daily News Egypt.

]]>
The Heliopolis Company for Housing and Development (HHD), one of subsidiaries of the Holding Company for Construction and Development affiliated to the ministry of public enterprise sector, intends to sell 44 plots of land on the main streets of the Sheraton area, in east Cairo.

The HHD’s Managing Director, Sahar Al Damati, said in press statement on Thursday that these plots of land are supposed to be offered in an auction on 2 May.

Al Damati revealed that the company is one of the largest companies with a substantial land bank spanning over strategic locations in Egypt.

She added that the company has conducted an in-depth study to learn how to develop its land bank in order to give the company the status it deserves, as well as improve prices and payment plans provided to customers.

“The study concluded with the financial restructuring of the company so that we can sell about 3% of the company’s land bank, and use the sales proceeds in funding its investment plans, as well as to achieve a funding balance between the company’s own resources and loans,” she noted.

Al Damati highlighted that the company subsequently will conduct another study on the possibility of capital increase in preparation for its presentation and approval by the board of directors.

The post HHD offers 44 plots of land at Airport Sheraton by public auction in May appeared first on Daily News Egypt.

]]>
Emaar Misr donates $50m to develop informal housing areas, national projects in Egypt https://www.dailynewsegypt.com/2019/04/22/emaar-misr-donates-50m-to-develop-informal-housing-areas-national-projects-in-egypt/ Mon, 22 Apr 2019 09:00:21 +0000 https://www.dailynewsegypt.com/?p=696470 The board of directors of Emaar Misr announced on Tuesday a donation of EGP 878m ($50m) to develop informal housing areas in Egypt. Emaar Misr said that this donation is due to its belief in the developmental role that private sector companies must play toward contributing to community initiatives and social projects, as well as improving …

The post Emaar Misr donates $50m to develop informal housing areas, national projects in Egypt appeared first on Daily News Egypt.

]]>
The board of directors of Emaar Misr announced on Tuesday a donation of EGP 878m ($50m) to develop informal housing areas in Egypt.

Emaar Misr said that this donation is due to its belief in the developmental role that private sector companies must play toward contributing to community initiatives and social projects, as well as improving the living conditions of the neediest families by participating in efforts to develop informal housing areas.

Mohamed Alabbar, chairperson of Emaar Properties said that Emaar has been able to win the confidence of the Egyptian people through its distinguished projects in Egypt.

Alabbar added, “As a real estate developer, we are not only interested in building investment projects but also in achieving equal living opportunities for all. This is our contribution toward the development of informal housing areas, believing in the importance of these projects and their ability to achieve human development. This is in the interest of the Egyptian economy and the region. We, at Emaar, are interested in participating in community initiatives and we are well aware of their role in achieving social balance.”

Furthermore, Alabbar called all private sector institutions and businesspersons to participate in community initiatives as part of their responsibility toward the community, where companies invest to contribute toward a social renaissance integrated with the various efforts of the government in this regard.

Last year, Emaar Misr, in cooperation with Misr El Kheir Foundation, announced the launch of Beyout Al Kheir project, in order to improve the living conditions of thousands of underprivileged families in Egypt’s villages and governorates through constructing and developing economic units for each residential unit sold by the company. The project’s investment cost is worth $15m to be paid over three years.

The post Emaar Misr donates $50m to develop informal housing areas, national projects in Egypt appeared first on Daily News Egypt.

]]>
El Attal launches second phase of Park Lane compoundhood in EPS Dubai https://www.dailynewsegypt.com/2019/04/22/el-attal-launches-second-phase-of-park-lane-compoundhood-in-eps-dubai/ Mon, 22 Apr 2019 08:30:30 +0000 https://www.dailynewsegypt.com/?p=696471 El Attal Holding will showcase the Park Lane Compoundhood in the Egypt Property Show (EPS) in Dubai, which is being held at Dubai World Trade Center between the period from 18 to 20 April under the patronage of Prime Minister Mustafa Madbouly, and the Ministry of Housing and the Dubai Land Department. The Park Lane …

The post El Attal launches second phase of Park Lane compoundhood in EPS Dubai appeared first on Daily News Egypt.

]]>
El Attal Holding will showcase the Park Lane Compoundhood in the Egypt Property Show (EPS) in Dubai, which is being held at Dubai World Trade Center between the period from 18 to 20 April under the patronage of Prime Minister Mustafa Madbouly, and the Ministry of Housing and the Dubai Land Department.

The Park Lane Compoundhood spans over 26 feddan in R7 in the New Administrative Capital close to the Swedish and British Universities and the diplomatic district.

Ahmed El Attal, chairperson of El Attal Holding, said in press statement on Thursday that the company’s participation in foreign exhibitions is a fundamental objective during the coming period, in order to contribute to the state’s initiative, which supports and encourages the export of Egyptian real estate.

Furthermore, El Attal noted that the Park Lane project  received a large number from the EPS visitors, especially after the great demand for the project at Cityscape.

The company will complete the sale of the second phase of the Park Lane project, which had been launched at Cityscape Egypt by the end of March after the company’s success in selling out the first phase in which the company recorded a total sales of EGP 380m, El Attal added.

Moreover, he pointed out that his company will provide its customers with special offers during exhibition days.

Additionally, the company will offer discounts on units of up to 5%, in addition to extended payment periods reaching eight years, he noted, adding that the company will fully finish duplex units that will be sold during the exhibition.

The post El Attal launches second phase of Park Lane compoundhood in EPS Dubai appeared first on Daily News Egypt.

]]>