ERA Egypt targets achieving EGP 1.5bn in sales for developers’ commercial projects in 2019, according to Mohamed Seif, head of commercial projects at the company.
Seif said that the company has achieved sales worth EGP 500m last year in the commercial sector, including marketing a huge project to multiple international companies in Egypt and several real estate developers.
Furthermore, Seif noted that the company marketed more than 265,000 sqm in addition to selling and renting a number of commercial projects for the benefit of real estate developers spread out across in Greater Cairo, the Fifth Settlement in New Cairo, and the Sixth of October City.
He added that the company is close to exclusively contracting with five major real estate development companies to market commercial projects comprising commercial malls, administrative buildings, and medical centres in various areas, namely Sheikh Zayed city, the Fifth Settlement, and the Suez Canal Economic Zone.
Moreover, he revealed that the company is studying cooperation with one of the investment companies from public enterprise sector as a marketing consultant for commercial spaces in its projects in the Delta and Upper Egypt governorates.
“The company plans to expand in contracting for commercial projects during the coming period, as well as develop an integrated expansion plan for the company during the current year with the companies affiliated to public enterprise sector,” he added. “Real estate companies desire to develop commercial and administrative project growth such as that during last year unlike the deceleration in residential sector. Most of the companies went to diversify their real estate products in order to stimulate sales. Commercial and administrative projects took the highest percentage of sales in 2018.”
Seif expected that commercial and administrative sector will continue to grow during the current year, especially as real estate companies move to develop new commercial, administrative, and medical projects.
Additionally, he pointed out that the New Administrative Capital has acquired the highest percentage of companies investing in the commercial sector during the past year, followed by Sheikh Zayed City, and Sixth of October in west Cairo, and the Fifth Settlement in east Cairo.