Egypt’s property exhibition, Cityscape Egypt, concluded its events on Saturday after a huge turnout of visitors wanting to seize the chance of the various offers presented by the development and real estate companies.
The three-day exhibition was held at the Egypt International Exhibition Centre (EIEC), with the participation of about 65 exhibitors.
The managing director of Al-Futtaim Real Estate Group, Ashraf Ezzeddine, indicated that the real estate market is regaining momentum, noting that the company's operations in the Egyptian market were not affected by the coronavirus pandemic.
He indicated that the company increased the installment period from five years to eight years in some projects to keep pace with the market.
Ezzeddine told Asharq Al-Awsat in an exclusive interview, that Al-Futtaim group intends to pump over EGP5 billion in investments in its projects during the year 2021, and that it is considering a study to "build about 30 palaces, with an area of 3000 meters for each, in the Cairo Festival City project in the 5th Settlement, which may start in 2022.”
The market was able to overcome its first shock caused by the spread of the virus, according to Ezzeddine, who believes that everyone has learned their lesson.
“The repercussions of the coronavirus do not affect the company's business and basic needs must be met, especially that of housing units.”
He pointed out that the company's sales to Arabs amounted to about 20 percent, stressing that there are no plans to invest outside Cairo at the present time.
Cairo Festival City participated in the exhibition with the CFC Club, Oriana, Aura, and Podium projects.
Meanwhile, Mardev Developments began the construction of the Menorca project in the new administrative capital, with a total investment of about EGP1.5 billion.
Mardev’s Chairman, Zohdy Zahran explained that the company provides different payment systems that suit all market requirements.
Speaking on the sidelines of the exhibition, Zahran explained that the company aims to pump EGP500 million of the EGP1.850 billion investments during the fiscal year 2021.
Also, Seldar Misr launched at the exhibition “al-Jazi Egypt '' project planned over two separate plots of land with a total area of 63 acres, and an investment cost of EGP7 billion.
The entire project is self-financed and expected to be finalized by the end of 2022.
The Chairman of Seldar Egypt, Tarek El-Sayed, announced that the project was developed by one of the company’s subsidiaries, Gulf Building and Construction.
The company launched the JW Marriott Residences New Cairo, al-Jazi Gardens, and all the units have been marketed and sold within three days only, indicated Sayed.
He added that 95 percent of al-Jazi Egypt had been completed in New Cairo, and all of the housing units of the first phase of the project were sold. He indicated that the company has spent about EGP4 billion so far.
