Mountain View plans to launch ready-to-occupy units in its existing projects in 2019 with expected sales of EGP 1.5bn, according to Amr Soliman, the company’s chairperson.
During a press conference held Tuesday, Soliman said that his company is keen on keeping 20% of the total of every project’s units to be offered later at higher prices according to the market prices.
Soliman added that the company targets EGP 5bn in total sales of its projects during 2019.
Additionally, he announced a new seven-year instalment methods for ready-to-occupy units, which proves the company’s readiness to deliver property supplied with all services and utilities.
The company has delivered more than 4,800 units and has succeeded in developing 13 projects in four areas: New Cairo, 6th of October, the North Coast, and Ain Sokhna.
He also stressed that initiating such payment methods would contribute to encouraging investment in Egyptian real estate amid the increasing demand for real estate purchase.
Furthermore, he expected real estate prices will hike by 15-20% akin to price increases in 2018.
“The company also plans to deliver more units in the first two quarters of the current year,” he disclosed, adding, “We also plan to deliver units in Chillout Park in 2019.”
According to Soliman, the company’s land bank of 13 projects on a total area of 1,500 feddan are under development, divided equally in New Cairo, 6th of October City, and the North Coast.
In addition, he stressed that 5.7% of the Egyptian citizens are foreigners, which creates an extraordinary opportunity for developers to export their properties abroad.
He also called for the need to classify real estate developers during the coming period to support the market and maintain its continuation.
Moreover, he pointed out that last year saw a 35% increase in sales volume, underlining that the Egyptian property sector does not have a real estate bubble, but there is a strong competition between real estate companies.