Maalem Group is targeting achieving EGP 150m sales from marketing 11 real estate buildings with 120 units with various spaces, according to Abdallah Anwar, chairperson of the company.
During round table on Tuesday, Anwar said that his company is directing EGP 18m in project development during the current year.
Anwar added that the company will deliver 11 buildings within 30 months.
He elaborated that units’ sizes range between 150 sqm and 350 sqm, and each building is on an area of 600-1000 sqm, explaining that the company’s projects are located in Andalous and Brit Alwatan in New Cairo, East Cairo.
Anwar pointed out that Maalem Group is now searching for affordable lands in the cities of 6th of October, Obour, Sheikh Zayed, and New Damietta to develop new projects as separate residential buildings. Furthermore, the company is waiting for new land offerings in New Mansoura, especially as the later has a distinguished location with new investment opportunities in different sectors.
He noted that the company is concentrated in developing residential projects more than developing administrative buildings or offices.
He confirmed that the increase in competition between middle-size and small companies in New Cairo is high, as the number of competitive companies reaches about 160 companies.
He expected an increase of 5% in real estate prices in the market during the second half of the current year, pointing out that the developer bears part of such increases to maintain sales movement.
He called on the Ministry of Housing to pay interest on land offerings suitable for medium and small companies, which are forced to purchase land from individuals at high prices, stressing that small and medium companies provide units for a large segment of customers in the real estate market.