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Misr Real Estate Management seeking to expand in New Cairo, 6th of October projects - Daily News Egypt

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Misr Real Estate Management seeking to expand in New Cairo, 6th of October projects

Company plans to market and manage administrative buildings and towers in Road 90, says chairman Mohamed Bassyouni

Mohamed Bassyoni, Chairman of Misr Real Estate Management (DNE File Photo/Amany Kamal)
Mohamed Bassyoni, Chairman of Misr Real Estate Management
(DNE File Photo/Amany Kamal)

By Ahmed Samir

Mohamed Bassyouni, Chairman of Misr Real Estate Management, told Daily News Egypt in an interview that his company seeks to be present in both New Cairo and 6th of October City through marketing projects for real estate development companies, adding that the company has signed a contract to market residential projects for Coldwell Banker.

What companies are Misr Real Estate negotiating with to market their projects?

Misr Real Estate Management is negotiating with a number of companies that own real estate and administrative towers in Road 90 in New Cairo in preparation to sign contracts for managing and marketing these properties. There are also negotiations underway with a number of real estate development companies to enter into contracts to market residential projects in new cities, most notably with SODIC, to market a group of residential units the company is building.

What were the most recent marketing contracts Misr Real Estate entered into?

The company entered into an exclusive contract for 12 months with Nile Co. for Consumer Complexes to manage security and cleanliness work in 80 of its branches all over Egypt. The contract period is one year and can be renewed through the mutual desire of both companies.

Are there new negotiations with other companies?

Yes, there are negotiations with two governmental companies operating in the petroleum sector, as well as a number of residential complexes in the 6th of October and Sheikh Zayed cities, most notably, Green Hill residential compound in 6th of October, in order to do cleanliness, security, maintenance, environment and landscape work, in addition to garage management.

There are also negotiations with a number of foreign embassies to rent administrative headquarters in Egypt in Abo El Feda tower in Zamalek and Giza Residence in Giza. These are the areas that receive most attention from foreign embassies.

The duration of headquarters rentals will range from five to seven years and can be renewed according to the desire of both parties, where the company manages and markets the two towers and assumes full management of security, cleanliness, maintenance, environment works, landscapes and garages management.  The company recently succeeded in renting administrative headquarters for both the embassies of England and Latvia in Abo El Feda tower, in addition to Greece, Canada and Spain in the Giza Residence tower.

What are the latest developments in the Historical Cairo project?

The Ministry of International Cooperation is currently communicating with a number of international donors that are interested in reviving the world’s heritage. The goal is to contribute to reviving and developing the Historical Cairo triangle, which includes 90% of historical architecture with distinguished archaeological characteristics. The areas included are Tahrir, Ramses and Attaba.

What is the assumed role of the company in developing Historical Cairo?

Misr Real Estate Management was going to assume development work for the project, which contains more than 100 historical properties. A plan was prepared to restore properties with distinctive architectural styles and return them to their old state.

A fund for the project was revived when the project was suspended following the 25 January Revolution. The Board of Directors included both the Governor of Cairo and the Governor of the Central Bank of Egypt, as well as a number of boards of directors of some public and private banks, the Insurance Holding Company, and Misr Real Estate Asset Management.

What body is currently supervising the project?

The National Organization for Urban Harmony, which is a member of the project’s Board of Trustees, and is currently supervising implementation of the project.

The board aims to provide necessary funds and follow up on the development work that takes place in the region, which can contribute to the development and restoration of historical buildings with a distinctive architectural style. The goal of this is to raise the aesthetic value of Downtown Cairo, turning it into a tourist and architectural attraction without compromising its historic structure.

What are the goals of Misr Real Estate Management for 2015?

The company aims to achieve a business volume of EGP 25m throughout 2015, with an increase of EGP 5m compared to last year.

Do you have any intentions to increase capital?

The company plans to contact its shareholders this year to discuss increasing capital to EGP 50m, representing an increase of EGP 25m over our current capital.

The company’s shareholding structure includes Misr Insurance Company, Misr Life Insurance, and Misr Real Estate Asset Management.

The increase in capital is due to the company’s expansion plan for 2015. The expansion includes joining a number of Gulf markets, the most important of which are Saudi Arabia and the United Arab Emirates. The company would deliver its services in real estate management, particularly in administrative and residential buildings in these countries.

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