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El Mansour Development opens new branch in Cairo’s Mokattam - Daily News Egypt

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El Mansour Development opens new branch in Cairo’s Mokattam

Company targets EGP 1.2bn contractual sales next year

El Mansour Development aims to achieve EGP 1.2bn worth contractual sales from its projects during the next year, Amr Atef, Group Head of Marketing and representative of commercial team at the company, told Daily News Egypt.

The company has recently opened its new branch in Mokattam, Cairo which will be the headquarters of the company. Furthermore, the company has been operating in the market for 24 years and has seven subsidiary companies in contracting, real estate development, maintenance, and finishing.

The company plans to launch a subsidiary company responsible for project management after the completion of some of its integrated projects in order to maintain their quality and value.

The total size of the company’s customer portfolio currently stands at 4,000 customers, with all their units successfully delivered, Mansour disclosed.

He explained that the company has completed the delivery of Le Jour compound, which is located on an area of 8,400 square metres (sqm), with occupancy rates reaching 65% in Central Plateau, Mokattam.

“The company is currently developing the Oriana complex on 4,200 sqm in Central Plateau, Mokattam, a mini compound including five residential buildings. Oriana’s units have been sold out and will be delivered in June 2021,” Amr Atef unveiled. “Bienestar compound is planned to be delivered in mid-2021, a full-service residential development, comprising 325 residential units with varying sizes and has been fully marketed. Bienestar includes approximately 70 commercial units

He pointed out that El Mansour is currently delivering Eliet project, a commercial centre on an area of 2,055 sqm and includes 60 units, revealing that there is additional space in the Eliet project, which the company will decide to develop residential units or serviced apartments. Furthermore, the company has recently launched the first phase of its new project in Katameya.

He revealed the launch of the second phase of Jodran project, a residential project with a construction rate of 50% in Zahraa Maadi region. Jodran is located on an area of 5,700 sqm, and the project’s unit’s sizes range from 96 to 138 sqm, he added.

El Mansour Development has contract with Delta Sand Bricks (Delta Block) for the supply of high-quality raw materials to implement distinct units for customers, according to Mansour.

Regarding El Mansour Development’s expansion plan, he said that the company is seeking to benefit of its existing customer base to implement a tourist residential project, in order to provide a tourist housing unit for the company’s clients.

Moreover, the company plans to launch a new project in January, he added, stressing that Egypt’s real estate market remains a safe haven for investment, in addition to real demand based on the population increase. He noted that that the careful implementation of housing units is important to suit the needs of a large segments of customers in the market.

He revealed that a new branch will be opened outside Egypt in Kuwait soon, in order to benefit from the company’s customer base abroad, especially in Gulf countries, pointing out that about 25% of the company’s customers are outside Egypt, where 10% of them are from Kuwait.

He highlighted the efforts being undertaken by the government in cooperation with real estate developers to promote and support the export of Egyptian real estate abroad, which is planned to improve gradually to obtain a percentage of the total volume of export of real estate globally.

Egypt’s real estate has a competitive advantage to be exported abroad due to low prices of units compared to other neighboring markets.

He further noted that Egypt should be marketed as a destination for foreign clients, followed by the marketing of the city where the project is taking place. Atef also suggested that companies should also highlight their handling of challenges facing property export, including the unit’s registration problem so to encourage target foreign clients to buy.

He explained that the Central Bank of Egypt’s decision to slash interest rates has contributed to the revival of real estate sales due to a large proportion of investors’ newfound financial liquidity. Moreover, the decision encourages real estate companies to borrow at lower interest rates, which accelerates the pace of projects and enables them to take on expansion opportunities.

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