The sales of Siela North Coast, developed by Concept Egypt for real estate, reached sales of EGP 200m since the launch of the project, according to Chairperson Ehab Abou El Magd.
Abou El Magd said the company aims to achieve EGP 80m in sales from the project during the current year.
Abou El Magd noted that the marketing of the first phase has been completed, while the second phase of the project—which includes about 250 units—is scheduled to be completed by the second half (H2) of 2018.
He added that the company expects to fully market it within a year, and targets investing approximately EGP 70m in the project in 2018.
The company’s chairperson explained that the project is located on an area of 10 feddans, comprising about 500 units. With the first phase marketing completed, and the second scheduled to end by the first half of the current year, the company plans to launch the third phase of the project during H2 2018.
He pointed out that the company will market the whole third phase within a year.
“The real estate market has seen price hikes ranging between 20-30% over the past year, as a result of the high cost of implementation resulting from the floatation. The company provided a payment period of up to seven years and a down payment of 15% during that period,” he noted.
The price increases are expected to range from 20% to 25% during the current year, but Abou El Magd added that this is a normal increase, and the market is not expected to experience any steep price hikes during the current year.
He pointed out that real demand is the main factor behind maintaining the domestic market and is a key element to attracting foreign investment, with the condition of keeping the currency stable to attract more foreign investment.
Abou El Magd revealed that the company is planning to participate in Amar Ya Masr Exhibition in Kuwait besides seeking to acquire new lands in the North Coast to develop a new project there.
Concept also aims to obtain land in the next bid offered by the General Authority for Tourism Development in Ras Sedr, an attractive area for customers.
Abou El Magd stressed that Upper Egypt will be an attractive area for real estate investors during the coming period, especially with the country’s strong tendency to develop this region, in addition to providing investment incentives to developers, and given the area’s great purchasing power for property.