Emtelak’s Garawla Islands achieves total sales of $135 mn in two years
Garawla Islands project has achieved total sales of 1.2 billion Egyptian pounds (US$135 million) since its start in 2014, according the managing director of Emtelak for Real Estate Development, Ziad El-Emam.
During the side lines of 2016 Elite Real Estate Exhibition (EREEX), El-Emam made those comments adding that his company is currently mainly focusing on the Garawla Islands project, which lies between Ras El-Hekma and Marsa Matrouh.
In addition, El-Emam said that approximately one-third of the targeted 300 million pounds for sales in 2016/2017 has been reached. The funding for the current project was facilitated by personal investments, client instalments, and profits from other projects, he added.
The company also plans to invest in Ain Sokhna, New Cairo and Sheikh Zayed in the future. Yet the company couldn’t anticipate the total amount of investments needed to develop these projects El-Emam added. The projects range from recreational developments to commercial and residential units.
Regarding the current obstacles that Emtelak faces, El-Emam said that there aren’t a lot of problems in the investment sector and that it is much easier to invest these days than it was in the past.
El-Emam thinks that if there is any change he would like to see concerning investment laws, it would be change in the funding laws because they are usually only aimed at developed projects and not underdeveloped ones.
“It will help the clients more than it will help us because they will be able to have more years to finish their instalments, and the money per instalment would be less,” El-Emam said.
He also added that if the government is willing to sell middle-priced lands, Emtelak would be able to offer their clients different prices similar to those for the average consumer, and this could make it much easier for both the company and their clients.
The EREEX 2016 is being held for the first time at the international convention centre under the sponsorship of Prime Minister Sherif Ismail. Many real estate companies have joined this exhibition to display their housing units and real estate consulting services.
