DM Development has succeeded in achieving 60 percent of its targeted sales volume for Q1 2020 for “The Groove Resort” in Ain Sokhna.
Ahmed Abdul Hamid – Managing Director of DM Development said that DM Development is targeting this year a sales volume of about one billion Egyptian pounds for “The Groove” project in Ain Sokhna despite the global negative consequences of the unprecedented Coronavirus (COVID-19).
The company succeeded during the first quarter of The current year (2020) in achieving sales estimated at about 150 million pounds, which is equivalent to 15 percent of the expected 25 percent (250 million pounds) of the total project value.
However, he said that the volume of sales for the second and third quarter will be affected by the current crisis, but it will not be noticeable as the rate of deviation from the expected volume constitutes only 10 percent in light of the increasing demand that the Egyptian real estate market will witness in the coming period
Regarding the organizational and preventive measures taken by the company for the protection of its workers in the light of the Coronavirus (COVID-19) crisis, the managing director of DM Development stated that: “We are greatly keen in DM Development that the Coronavirus (COVID-19) crisis does not overshadow or affect our temporary and irregular workers despite the impact it currently has on our sales. Therefore, the company works in full swing to maintain and support our highly trained hands and not to prejudice their rights, as well as the optimal investment in honing their skills and protecting them against the emerging Coronavirus (COVID-19) to complete the course of our successes together to the fullest extent.”
Also, the company has reduced work hours and coordinated the progress of construction works according to alternating shifts to limit the gathering and accumulation of workers in offices or sites to make sure of keeping the safe distances, as well as conducting thermal checks on entry and exit portals of the company and sites and using electronic remote communication with customers instead of direct communication. For its part, the administration of DM Development has allocated isolation rooms for any cases suspected to be Coronavirus (COVID-19) infected until the competent authorities are informed to take the necessary action.
With a total investment of about 200 million pounds, DM Development contracted with Global Waste Water Solution (GWWS), a Canadian company, to execute the works of swimming pools, industrial lakes, treatment plants and drainage networks in the project, in addition to investments amounting to 150 million pounds to carry out the concrete and finishing works in the first phase to enable DM Development delivering the first phase units, 102 units, by the end of 2020.
DM Development was established in 2014, at the hands of a group of investors with excellent expertise in the field of real estate development and owners of proven previous record spanning nearly four decades, with a capital estimated at about 400 million Egyptian pounds to change the concept of modern life and enhance the comfort and recreation of its customers by providing housing units with attractive, creative, upscale designs that are both sustainable and environmental friendly.
DM Development for Tourism Development is currently working on gradually enhancing its capital in line with its future vision by launching an exceptional group of residential, administrative and tourism projects with modern solutions and creative designs, where the last quarter of 2021 will witness the company’s launch of its latest projects in the North Coast to maximize the benefit of the state’s orientation to develop Al-Alamein area, along with studying the investment opportunities in the administrative capital in line with the company’s investment plan in the near future