Samcrete Development has invested EGP 3.2bn in the real estate sector, comprised of EGP 2bn to be used for administrative complexes and EGP 1.2bn to be used for residential units, according to CEO Hisham El-Kheshen.
In a press conference held Tuesday, El-Kheshen said that the company achieved profits of EGP 28.78m in 2015, noting that the paid-up capital funded by shareholders reached EGP 450m.
The Pyramids Heights project is build on an area of nearly 400,000 sqm.
The CEO said that 57.5% of Pyramids Heights Residences units have been sold, totalling about EGP 1.1bn for 358 units out of 600 units that were offered for marketing in October 2015. The expected revenue after completing Pyramids Heights Residences is about EGP 2.3bn.
The project’s first phase is expected to be delivered by the first quarter of 2020, through self-finance without resorting to banks, according to El-Kheshen.
The company has signed two construction contracts with two construction companies: Construction and Design (CONSTEC) and Alsafa for Engineering and Contracting Company. Each company is to develop 40 buildings at a cost of EGP 65m for each contract. El-Kheshen noted that 12% of construction for these buildings has been completed.
El-Kheshen added that the company has offered three tenders for developing 100 buildings, 60 villas, and infrastructure with an investment cost of about EGP 650m.
“The company is considering the development of specialised medical centres on an area of 60,000 sqm within the Pyramids Heights project. In addition, we are seeking cooperation with several local and international companies specialised in this regard,” El-Kheshen said. “Tourism projects are not within the company’s plan for the next phase.”