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Al-Futtaim targets EGP 4.5bn sales in 2018 - Daily News Egypt

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Al-Futtaim targets EGP 4.5bn sales in 2018

Company allocated EGP 2.5bn for construction this year, says managing director

Al-Futtaim Group aims to achieve contractual sales of EGP 4.5bn this year, according to managing director of Al-Futtaim Group Real Estate Ashraf Ezz El-Din Abdel Fattah.

Abdel Fattah noted that the company achieved EGP 2.9bn in sales last year and expects to raise that to EGP 4.5bn this year, in the line with its new offerings.

He revealed that the company is launching the development of four new residential and administrative projects this year with investments of EGP 7.5bn.

The first project Al-Futtaim is launching this year is AURA, a residential housing project that includes 146 villas. Each with an area of 300 sqm. The second is High Land, comprising 407 housing units. Next is a commercial and administrative project, Podium, which includes 41,000 sqm for administrative and commercial activities.

The fourth project the company is developing this year is an administrative one for an international petroleum company on 9,000 sqm.

Abdel Fattah pointed out that the four projects’ investments reached EGP 7.5bn and are being developed within three years with expected sales of EGP 15bn.

He added that the company aims to pump EGP 2.5bn into construction works this year compared to EGP 1.8bn in 2017.

Abdel Fattah noted that the company delivered 120 units last year and plans to hand over 450 units this year: 350 apartments and 100 villas.

He revealed that the company will begin implementing a five-star hotel with 270 rooms, in addition to 128 services and branded apartments with investments of EGP 4bn. Furthermore, the company is studying the establishment of another four-star hotel with 340 rooms, revealing that the company is currently negotiating with international management companies to manage it.

“The company has developed 60% of the area of ​​Cairo Festival City project and the total project is on 3m sqm, which includes various administrative, commercial, and residential activities. The company has injected EGP 12bn so far out of the total planned EGP 30bn until 2023,” Abdel Fattah added.

He explained that the company is developing the construction phase of Oriana project on an area of ​​848,300 sqm and includes 617 villas and the Festival Living project on an area of ​​121,000 sqm, which includes 712 apartments.

He further added that the company is implementing the extension of the Cairo Festival City Mall on an area of ​​27,000 sqm as the company will begin the extension’s construction next year with investments exceeding EGP 1bn.

Topics: Al-Futtaim

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