According to Chief Commercial Officer Ali Gaber, Gates Developments which is a real estate company has noted contractual sales of about EGP 590m in January.
Gaber informed Daily News Egypt that the transaction took place at its projects in the New Administrative Capital (NAC) and the 6th of October City.
He provided that a company, situated in the Gulf Cooperation Council (GCC) region, has contracted for units costing the amount of EGP 400m in the Audaz Mall, situated in the NAC. The agreement makes it one of the most important sales deals in the market in January.
Gaber added, “The company has developed a strong selling plan in the current year, but it has exceeded the planned sales for the first quarter (Q1) of the year in January alone.”
He provided that the company has constructed various projects in the NAC, together with the Audaz Twin Business Complex, West Gate, and Catalan. These have been handled to meet the needs of a bigger segment of customers, and bring in line with the requirements of the local real estate market.
Moving on he added that the company has begun construction work on its Acadia project, situated in the NAC. He also pinned that Gates Developments strategized to begin the first phase’s development in March. With 500 housing units and goal sales costing EGP 1bn.
Gaber spoke that the Acadia project’s investments provide at approximately EGP 4bn, and is being provided over three phases.
The company has a plan to launch six new projects in the next two years, containing three projects in 6th of October city, a 25-acre project in New Alamein City, and a project in the NAC, Gaber revealed.
He expects Egypt’s real estate market to act exceptionally in 2021, as a result of the huge development that is taking place at the NAC. This will be boosted in the future due to the transfer of all ministries to the NAC in the coming year.
Gaber hoped for the position of Chief Commercial Officer at Gates Developments in January. The company’s overall investments got over EGP 10bn in a group of projects in the NAC.