MG Developments eyes EGP3bn contractual sales in 2021
MG Developments unveiled its 2021’s expansion strategy encompassing its existing projects, together with those scheduled to be built in a number of prominent locations.
In view of reliance on its marketing credentials, expertise and good reputation, the company seeks to log contractual sales of EGP3bn this year.
The company is renowned for sticking to delivery dates, specifications stated in the contracts and offering payment schemes fitting varied segments of clients.
Egypt’s real estate sales amount to EGP200bn
Egypt’s real estate sales amount to EGP200bn, according to chairperson of MG Developments Mohamed Metawee.
“The company seeks to get a stake of EGP3bn out of total value of these sales and launch new projects in multiple outstanding locations where investments can generate high returns, together with unleashing a number of phases in the existing projects.”
The company has projects in several areas, be they residential, administrative, commercial and tourist, and thus helping diversify its portfolio of projects along with segments of customers, he explained.
He recommends pouring in investments in the New Administrative Capital, the Governmental Neighborhood in particular, capitalizing on the state’s interest in the city with it launching a national mega project that will be throbbing with life in the foreseeable future.
“Investing in the commercial sector can yield highest returns. Commercial spaces, limited to only 15 areas inside NAC, are in short supply in the Governmental Neighborhood.”
The company went on signing more contracts with real estate marketing firms which helped developers edge up sales, owing to the former’s technology-based innovative marketing ideas.
The company launched a plethora of new projects in the New Administrative Capital, including ProMark, deemed as the ideal solution for smart investors desirous to log high returns and enjoy a special location and affordable multi-sized commercial units, he noted.
“This area is bustling with activities and busy for long hours extending from 7am to 7pm along with night shifts, making the acquisition of a store or an office at ProMark is a good deal.”
Further still, ProMark occupies a unique location, with it overlooking the Central Garden and a square separating the Governmental Neighborhood from the banks, he added.
This area, among the early districts to open up in the New Administrative Capital, will be operational in June 2021.
Headquarters of the cabinet, ministries, House of Representatives, the Central Bank, the Stock Exchange, Opera House, head offices of most banks, companies and main monorail station are slated to move to NAC between 2021 and 2022, according to governmental estimates.
The Mark, another project launched in NAC over an area of 3144,000 m and with a built-up area of 15,000 m, includes commercial, administrative units and hotel apartments.
The Mark consists of 11 floors, 3-floor parking spaces in the Downtown district in front of El Masa Hotel at a cost of EGP350mln, he continued.
BlueBlue Ain Sokhna Resort with investments of EGP500mln
The company has also started the 4th phase of BlueBlue Ain Sokhna Resort with investments of EGP500mln after it delivered the preceding three phases.
The 4th phase is away from the sea by 50m only and all its units enjoy sea view along with quality services.
Leasing units of BlueBlue’s shopping mall will kick-off late second quarter of this year so as to permit BlueBlue owners as well as visitors to buy their needs, he added.
The strip mall features special entrance and exit, one from inside and the other from outside, and will be built over 2500 m with investments of100mln.
“ The company is ready now to launch Premium Business, its second administrative and commercial project in 5th Settlement at initial investments of EGP200mln in Teseen El Ganoubi Str, together with several related services, be they security, vehicle stops, cafes and a service area, he elaborated.
Lastly, Metawee said that the final phase of La Vida Compound will offer up to 10-year facilities scheme while delivering fully finished units.
