Latest in Real Estate Highlight
Latest in Real Estate
Egyptian steel, iron, cement exports decline 33% in 1Q 2020
The report said 67% of these exports went to Saudi Arabia, Libya, Spain, the US, the Netherlands, Kenya, Italy, and Uganda at value of $113.077m.
COVID-19 is Egypt’s impetus to rethink its smart cities
Opportunities for structural change to how cities are developed following the pandemic
First Group to launch residential project in Sheikh Zayed by mid-May
The new luxurious villas only compound spans over 40 feddan, and is currently in the process of obtaining ministerial approval for the project development.
NAC real estate developers promise punctual project delivery
Construction work has not stopped despite Covid-19 outbreak with projects remaining on schedule, say developers
20% increase in real estate sales projected following COVID-19
El Shehry added that the local real estate market remains, so far, unaffected by the ongoing pandemic. He highlighted that, although there had been a slowdown in sales, companies have yet to record losses or a halt in sales.
Real Estate Chamber members commit to agreed project delivery
Members agree to preserve employment, pay salaries, take preventive workplace measures
Government allows construction sector to work as normal despite Covid-19 precautions
The precautionary measures have been put aside in the case of the construction industry to ensure projects with a national interest currently under development are completed quickly.
PRE eyes EGP 1bn sales for developers in 2020
Company intends to develop property projects in coming period, enter partnerships to develop commercial and hotel projects
Mortgage finance increases 46.6% yoy in January: FRA
The FRA said that the value of mortgage refinancing decreased to EGP 14m in January 2020, compared to EGP 101m in the same period last year. This marks an 86% decline.
IEC oversees implementation of Kazan Plaza in Sheikh Zayed
Kazan Plaza spans over 12,000 sqm and contains commercial and administrative units as well as a multi-storey garage according to the project’s masterplan, said IEC Chairperson Faysal Abo El Azm.
Building material prices decrease slightly in March
It added that the price of Portland cement recorded a decline in February 2019 to EGP 850 per tonne. This marked an 8% decrease on the same month in 2018.
Calls to halt construction activities to protect workers from COVID-19
Moreover, contractors have thousands of labourers who need to work to secure appropriate income and it would be the companies’ responsibility to pay them regularly even if they were forced to reduce working hours or days.
Grand Plaza aspires to expand in non-residential projects
Company studies investment opportunities in New Alamein, New Capital, and Ain Sokhna
Altameer Arabian aims to complete 25% of Rivan New Capital’s construction works in 2020
Company eyes EGP 3.5bn sales in the project, says CEO
MBG to initiate Pukka 2 in New Capital 2Q 2020
Company continues its offers in March; strong precautions are being taken to combat Coronavirus, says chairperson
Misr Italia Properties to Deliver 500 Units in 5 Projects in 2020, Targeting EGP 4.5bn Sales
CEO, Mohamed Hany El Assal: Company Expects Ministerial Approval for Vinci Project In New Administrative Capital Within A Month
Mountain View to deliver 2,000 units this year, targeting EGP 8bn sales
Company intends to direct EGP 3.5bn investments to its projects this year, up from EGP 1.5bn last year, says chairperson
ACUD to offer remaining available lands in New Capital’s first phase by year-end
Company to participate in Dubai Expo to attract international investors to New Capital
NUCA’s investment plan increases to EGP 90bn in FY 2019/20
Authority receives 3,000 requests to obtain lands through market orientation mechanism, of which 650 pay down payments
Target Real Estate requests buying 114 million shares in Dice
Target Real Estate Investment and its owners own about 21.2% of the shares of Dice Ready Made Garments.
Real estate companies stand against Coronavirus
As for the sites in the projects, Fekri elaborated that the company provided antiseptics and masks to workers, and a list of instructions for preventing the virus spread followed by periodic follow-up of workers.
Castle Development, Allianz Egypt sign PPI agreement
Castle Development partnered with the Misr for Central Clearing, Depository and Registry to develop Castle Landmark at the New Administrative Capital, where the former acts as the developer
Better Home invests EGP 1.5bn in Midtown Condo New Capital
The project comprises 2,500 housing units with different sizes and three commercial malls on an area of 60 feddan on a building area of only 20% of the total area of the project, and the rest are green areas.
Although Cityscape postponed, developers continue promotion campaigns
However, the exhibition’s postponement did not affect developers’ promotion plans and campaigns that were scheduled for the exhibition, as they will continue their offers and discounts for their clients.
Cityscape Egypt postponed due to coronavirus fears; Real Estate Chamber urges companies to make March annual discounts
Alongside the real estate market, the company is incredibly disappointed to delay Cityscape Egypt, which was set to be a highly successful event, with higher participants than at any other point on record.
MNHD to start marketing its mixed-use developments in West Assiut this year
MNHD sees promising investment opportunities in Upper Egypt, and plans to diversify its project portfolio. The company already has about 9m sqm, and has developed only 3m sqm of it, he added. The existence of major developers in these areas have been accelerating development and boosting investment.
Smart cities have become inevitable, only 10 years left to achieve SDGs
CRTKL has completed a strategic masterplan for Ras El Hekma, based on the UN SDGs
Minka unveils new 115,000sqm project within MNHD’s Taj City
MNHD signed a contract to sell 114,540 sqm of land within the Taj City project in New Cairo City at EGP1.145bn to Minka Investment.
Real estate developers differ on Covid-19’s possible effects on local sector
The Egyptian real estate market mainly relies on domestic demand, therefore, no harm is expected on the industry, they explained.
HHD cancels IPO plan, sets self-financing strategy
HHD Chairperson Hany El-Deeb told Daily News Egypt that the IPO plan has been cancelled and replaced by another one for self-financing of the company’s expansions. This would happen by restructuring the untapped assets.