Egyptian property developer Wadi Degla records $383bn contractual sales in 2015

Egypt’s property developer, Wadi Degla Holding has recorded contractual sales of 3 billion Egyptian pounds (US$383.3 million) in 2015, its chairman Maged Helmy said Sunday.

Helmy further told Amwal Al Ghad that Wadi Degla is planning to boost its contractual sales to 5 billion pounds by the end of 2016.

Wadi Degla is working on marketing some of its projects, notably Blumar El Sokhna, which stretches over approximately 1,1 million m2 tailored to establish 2,500 tourist units and a hotel over five phases, he added. The company has also finalised marketing 50 percent of this project.

Furthermore, the company has completed promoting 40 percent of Murano Sokhna, which is set on an area of 470,000 m2 with total investments of 1.5 billion pounds. The project includes 2,000 units, diversifying between villas and duplex units, a 4-stars hotel of 110 hotel rooms and a spa.

Moreover, the company is close to obtain a ministerial decree related to establish Neopolis-El Mostakbal City with total investments of 13 billion pounds and expected revenues of 20 billion pounds.  The project is situated on 2.5 million m2 and includes 14,000 units to be developed over 4 phases in 4 years.