Porto Group has recently launched a new and innovative campaign under the name “Money Back Porto” to advertise and sell open units in eight of the company’s real estate projects.
The Money Back Porto programme allows clients to receive the unit immediately after paying the unit’s price in cash, giving the client the right to do whatever they wish with it. In addition, the client will be refunded after 10 years under a guarantee backed by the Arab African International Bank.
This new programme is one of the new tools to finance projects without the need to resort to securitisation.
Securitisation is the process of taking an illiquid asset, or group of assets, and transforming them into a security through financial engineering. A mortgage-backed security—a typical example of securitisation—is a type of asset-backed security that is secured by a collection of mortgages.
The new programme has witnessed a high demand of customers who wish to buy the units in eight of the company’s real estate projects. The programme’s advertisement campaign will run until the end of the month, according to a source at the company.
The units that have been offered for sale are priced from EGP 450,000 for units smaller than 48 sqm, and EGP 5.5m for villas of 370 sqm, the source said.
The group aims to sell about 5% of Porto New Cairo project and 10% of the Golf Porto Marina, 10% of Porto Matrouh, and 3% of Porto Sokhna. In addition, it also aims to sell 30% of an office building on El-Tesaeen Street, within the Fifth Settlement, and 20% of the first phase of villas in Porto October project, which includes 1,000 villas. The company aims to apply the deal to sell other units in Porto Pyramids, Porto Sharm, and Porto Marina.
Porto Group was founded by chairperson and CEO Mansour Amer in 2005. The group resorts now encompass over 30,000 units at 15 resorts throughout Egypt and the Middle East and North Africa region. The group has delivered 10,000 units and owns six hotels, nine malls, and 63 food and beverage chains. Porto’s land assets have currently reached 9.7m sqm.