The Chairperson stated that the company is assessing several possibilities in both eastern and western Cairo to commence a new project within this year.
SAK Developments, the Egyptian real estate company, is planning to allocate EGP 300 million in 2024 to complete construction works in its projects in the New Administrative Capital (NAC), as stated by Chairperson Ahmed Kadri.
Kadri mentioned that the company is currently exploring opportunities in both east and west Cairo to initiate a new project this year. Concurrently, the company is finalizing all ongoing projects in the NAC, amounting to approximately EGP 2 billion across three distinct projects.
The new opportunities under consideration include a villa project in the Sheikh Zayed area of west Cairo and another residential project in Fifth Settlement, New Cairo. Kadri highlighted the completion of the entire first phase of the Sueño compound in the NAC’s R7 area, with plans to deliver the entire second phase within the next three months.
SAK is engaged in developing three projects in the NAC, featuring residential, administrative, and commercial properties, along with serviced apartments. The company has a unique vision for its commercial units, intending to retain them in its malls, which will be managed by the company through a franchise system involving several brands it has already contracted with for inclusion in its NAC projects.
Regarding the construction progress, Kadri reported the completion of excavation and backfilling works in The V Hub project, covering an area of 7,500 sqm with a ground floor and three repeated floors, totaling more than 11,000 sqm in building area. Concrete works for the project have also been finished.
For the Elite project, developed in collaboration with Landmark for Real Estate Investments, Kadri mentioned that the project, consisting of two buildings with administrative, commercial, and serviced units, has achieved a construction rate exceeding 75%. The concrete structure and buildings are complete, and a contract has been signed with a private facade finishing company, with handovers to customers expected to commence in the third quarter of 2024.
Discussing the Sueño project, which focuses on residential development, Kadri highlighted that the first phase was fully delivered four months ago, achieving a total delivery rate of 50% of the project’s units. Construction rates for the residential segment have surpassed 85%, and the project is anticipated to be fully delivered by the end of 2024.
Kadri also anticipated a surge in real estate prices ranging from 20% to 30% during the first quarter of 2024, attributing this increase to the more than 100% rise in real estate prices over the past year, primarily driven by escalating raw material costs.
