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Oscar Misr negotiates to expand in New Cairo, Shorouk in 2017 - Daily News Egypt

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Oscar Misr negotiates to expand in New Cairo, Shorouk in 2017

The company seeks to purchase lands with areas averaging 1,000 sqm, says Beheiry

Oscar Misr Real Estate Company will start an expansion plan this year through the development of separate buildings in New Cairo and Shorouk cities.

Mohamed Beheiry, chairperson of Oscar Misr, said that the company is negotiating to buy some land plots to develop new real estate projects in New Cairo and Shorouk and add them to the company’s under-construction projects in the two cities.

He added that the company’s success in marketing most of its projects and the high demand from customers prompted them to purchase new pieces of land, with an average area of 1,000 sqm in distinctive areas in the two cities.

Beheiry pointed out that the company focuses on completing the construction of its projects in accordance with the set timetables, and it plans to deliver all new units to customers before the scheduled deadline mentioned in the contracts. He noted that the company depends on experienced contracting companies to implement high-quality projects.

Beheiry stressed that the company preferred to implement separate buildings to meet the company’s growing demand on this kind of buildings. The company prepared a market study to ensure the feasibility of this kind in terms of the speed of implementation, working capital turnover rate and risk ratio compared to projects that are built on large areas.

He stressed that the financial position of the company is strong enough to carry out the projects in a timely manner, adding that the company highly depends on self-financing for the construction process as well as cash collected from the sales, especially that most of the projects have already been marketed and the company does not plan to borrow from banks to finance its future expansions

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