Brickzey Commercial signed a contract to market and manage West Eleven, a commercial and administrative project, in the 6th of October city, owned by Kasr El Nile for Construction.
During a press conference last Thursday, Ahmed Selim, chairperson of Brickzey, said the project spans over 21,000 sqm.
West Eleven is a large administrative and commercial walkway that includes a variety of commercial activities to meet the needs of West Cairo, in addition to a business centre that provides all administrative needs for companies, Selim added.
He expected that the marketing of the project will be completed within a year, expecting contractual sales of EGP 1.5bn.
Founded recently, Brickzey Commercial provides marketing and operation services for administrative and commercial projects, leasing, management, partnerships, and others. The company is a sister company to Brickzey Property Management.
Selim elaborated that the demand for administrative and commercial units is high in the 6th of October due to the shortage of suitable lands. It also achieves a high return for clients wishing to invest in real estate due to the continuous increase in prices.
He pointed out that the market lacks management companies of commercial and administrative projects. The key to Brickzey Commercial’s success is that it was able to offer these services, and balance between sales and operation of malls and leasing.
Regarding sales procured by Brickzey Property Management, Selim revealed that the company has achieved sales of EGP 2.5bn for developers since the beginning of 2019 until September, of which EGP 600m come from commercial and administrative projects.
He further noted that the market has witnessed a boom in service projects during the past two years, which requires good management in the light of intense competition.
Meanwhile, Ehab Al-Wagih, managing director of Kasr El-Nile, said the company has completed 50% of construction works of the project, and plans to finish and operate it fully by 2021. He noted that the project’s consulting works are handled by Sabbour Consulting.
Al-Wagih added that the project is self-financed, and the company does not plan to borrow from banks during the coming period.
Kasr El-Nile has developed more than 30 separate housing projects, along with a range of educational and commercial investments, including a commercial mall in Sheikh Zayed. The company plans to launch several projects during the coming period, Al-Wagih said.
He disclosed that the project includes diverse areas that meet the needs of a large segment of customers, with spaces ranging from 60 to 1,000 sqm for administrative units, and between 90 and 2,000 sqm for commercial units. “The company provides payment plans up to six years,” he added.
Al-Wagih revealed that EGP 500m have been injected in West Eleven project. He pointed out that EGP 70m will be invested in the project during the last quarter of the year, as the project is expected to be completed next year and its units to be delivered by 2021.