Egypt’s First Group eyes 1bn pounds contractual sales from new projects this year

Egypt’s property developer First Group targets contractual sales worth one billion Egyptian pounds ($56.4 million) from launching a number of new flagships within 2018, said its chairman Bashir Mustafa on Sunday.

The housing projects will cost 400 billion pounds out of total 1 billion pounds, while 600 million pounds will be directly to two commercial and administrative projects, Mustafa further stated.

As for the two flagships, the Egyptian official added that First Group will launch the first project in Sheikh Zayed City, at the outskirts of Cairo, within this month.

“The company is set to launch a commercial mall (the second project) in Kenz Compound in Sixth of October City,” Mustafa noted.

“The company’s land portfolio reached around 200 feddans,” Mustafa said, referring that First Group also plans to complete its current flagships according to a timeframe.