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Tatweer Misr achieves EGP 3.5bn sales in H1 2018 - Daily News Egypt

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Tatweer Misr achieves EGP 3.5bn sales in H1 2018

Company spent EGP 1.5bn on construction works in six months

Tatweer Misr has achieved EGP 3.5bn sales in its three projects Il Monte Galala, Fouka Bay and Bloomfields during the first six months of the current year, according to CEO Ahmed Shalaby.

Shalaby said that the company aims to reach sales of EGP 7bn by the end of the current year.

He told Daily News Egypt that the company had spent EGP 1.5bn on completing the construction of its three projects during the period from January to June, as well as, the company allocates another EGP 1.5bn to complete the construction works in the current year.

He pointed out that the company has offered the sale of about 800 units of the first phase of Bloomfields project in El Mostakbal City, during the past three months, and was sold 90% of the units offered.

He added that the company is preparing to launch new products at Bloomfields next August, including villas with different sizes and hotel apartments.

Moreover, Shalaby noted that Tatweer Misr will focus on the development of educational activities in Bloomfields project.

He elaborated that the company is still negotiating with some international universities to launch branches inside the university, that will be developed inside the project, which will be built on area of 90 feddans.

“The company plans to establish a post-university education college for executive education in addition to initiating hub for innovation and entrepreneurship. As well as, the company is developing and establishing three international schools in various stages,” Shalaby explained, adding “the company is close to complete the Bloomfields project’s licenses and permits, which is scheduled to begin its implementation early next year, and will be delivered within four years beginning in the second half in 2022.”

He revealed that the company aims to open the first phase of the international university branch in conjunction with the opening of one or two of the three schools targeted in the project.

He further added that the company aims to hand over the first phase of the Fouka Bay project in the North Coast, by the end of the current year, as well as the completion of the development of the second and third phase of the project.

Additionally, Shalaby pointed out that the company will deliver the first phase of the project Il Monte Galala in Ain Sokhna in December 2019.

Shalaby predicted that the coming period will witness an increase in property prices by up to 10%, after the significant increase in fuel prices.

He said that the expected increase would not be the last, as it is likely to be followed by another increase by the end of this year, to compensate for the substantial increase in construction costs.

Topics: Tatweer Misr

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