MEMPHIS REISEN

SAK invests EGP 2bn in Egypt’s real estate market – Dailynewsegypt

SAK Developments plans to allocate EGP 300m in 2024 to finish construction works in its projects in New Administrative Capital (NAC), according to Chairperson Ahmed Kadri.

Kadri said that the company is examining several opportunities in east and west Cairo to launch a new project this year, along with the near completion of all the company’s projects in the NAC, whose investments amount to about EGP 2bn distributed over three different projects.

He added that the new opportunities that the company is currently studying are in west Cairo, specifically in the Sheikh Zayed area, to develop a villa project, and another residential project in Fifth Settlement, New Cairo. He pointed out that the company has completed the entire first phase of Sueño compound in the NAC’s R7 area, and is preparing to deliver the entire second phase within 3 months.

SAK is developing three projects in the NAC with residential, administrative, and commercial properties as well as serviced apartments. The company has a special vision for the commercial units in its projects, based on retaining commercial units in its malls, which will be managed by the company with a franchise system for several brands, which the company has already contracted with to be present in its projects in the NAC.

Regarding the company’s construction rates of the projects, Kadri said that the excavation and backfilling works have been completed in The V Hub project, which is being built on 7,500 sqm, with a ground floor and three repeated floors, with a total building area of more than 11,000 sqm, and the project’s concrete works have been completed.

As for the Elite project, which is being developed in partnership between SAK and Landmark for Real Estate Investments, the project consists of two buildings comprising administrative and commercial units as well as serviced units on an area of 6,000 sqm ground floor and 7 repeated floors, with a construction rate of over 75%. The concrete structure and buildings were completed, and a contract was signed with a private facade finishing company, which is nearing the process of external finishing to start handing it over to customers in the third quarter of 2024.

The Sueño project is the company’s residential project. The first phase was fully delivered 4 months ago, with a total delivery rate of 50% of the project’s units, and construction rates for the residential part of the project exceeded 85%, and it will be fully delivered by the end of 2024, Kadri elaborated.

He anticipated an increase in real estate prices by rates ranging from 20% to 30% during the first quarter of 2024, explaining that real estate prices increased by more than 100% during the past year due to the increases in the prices of raw materials.