Egypt’s Karma Real Estate eyes 60mn pounds sales from two flagships in Q4

Egypt’s Karma Real Estate Company says it targets contractual sales worth around 60 million Egyptian pounds ($3.4 million) from Elite Residence and Platinum View flagships during the fourth quarter of 2017.

Ahmed Mostafa, Karma’s general manager, said Tuesday that his company has recently launched the two projects in New Cairo over 5,000 square metres, with investments totalling 160 million pounds.

Platinum View will be executed in first phase over 2,223 square metres, with investments of 100 million pounds, Mostafa stated, adding that it is to include 50 units, on spaces ranging between 128 square metres and 380 square metres.

“The project will be completed and delivered within October 2019,” the official further noted.

As for from Elite Residence, Mostafa referred that the flagship is located in Beit Al Watan region in Fifth Settlement district over 2,260 square metres, with investments of 60 million pounds.

Elite Residence is to consist of 36 units, on spaces ranging between 143 square metres and 298 square metres, Mostafa showed.

Karma is set to build Elite Residence in two phases, he said, elaborating that this project will be finalised at the end of 2020.

“The two flagships are to be launched during Al Nokhba (Elite) Real Estate Exhibition, which will take place in Ard El Maared in Kuwait, between 4-9 December,” he concluded.