Egypt’s New Plan Developments achieved 192 million in sales of its three projects in the New Administrative Capital (NAC) during Cityscape Egypt 2019, from March 27 to 30.
CEO of New Plan Developments Walid Khalil emphasized that the company has garnered such investments on the back of the soaring demand on projects showcased during the property exhibition, especially those in the NAC – which captured the attention of visitors and potential clients, he said in a recent press statement.
During the show, New Plan showcased 36-acre ATIKA – the company’s latest residential project in NAC’s R7 district – and ELEVEN, which is slated to be a commercial and administrative complex covering 7,500 square meters in the NAC.
Units at Serrano, the developer’s first residential project in the NAC, was fully sold out after six months of its launch. The compound covers 15 acres and comprises 622 units, with total investments worth 1.5 billion Egyptian pounds, Khalil noted.
Meanwhile, the CEO further revealed that New Plan is studying the launch of two new projects, namely in 6th of October City and the North Coast, explaining, “We plan to pump investments worth1.5 bilion pounds in these projects in 2019.”
Although Khalil anticipates a 10% hike in property prices during the current year, he sees the Egyptian housing market resilient to such fluctuations and affirms that increasing prices will not affect the industry’s consumer purchasing power.