Arabia Holding posts EGP 3bn contractual sales from Sun Capital’s Phase I

Egypt’s property developer Arabia Holding says it has achieved contractual sales ranging between 2.5 and 3 billion Egyptian pounds ($139.7-$167.7 million) from the first phase of its flagship Sun Capital Compound.

Arabia’s chairman Tarek Shoukry said Tuesday the first phase of the fully-fledged project, which is being developed in partnership with the Egyptian government in Sixth of October City, will include 1,000 various residential units.

“The residential units were launched during last April and May,” Shoukry added.

In 2015, the public-private partnership (PPP) project was signed and approved by Egyptian President Adel Fatah al-Sisi during Egypt’s first Economic Forum, in the presence of the ministers of Housing, Tourism, and Investment.

In 2016, Arabia announced that Shoukry will preside Egypt’s newly-formed real estate development chamber, part of the Federation of Egyptian Industries (FEI).

This comes after the chamber’s board of directors held elections, ended in announcing Shoukry as the new president of the chamber.

The new board of directors will be until 2019.

The chamber’s top agenda is to regulate the Egyptian property market, discuss pending legislations, and establish a comprehensive database containing the country’s available real estate investment opportunities, he stated.

The real estate development chamber was formed upon a ministerial decree No. 37/2015, a move that aims to stipulate the real estate activity in Egypt.