Tatweer Misr aims to deliver the second phase of Fouka Bay on the North Coast this year, in addition to the first phase of IL Monte Galala in Ain Sokhna. By year end, the company will have delivered a total of 1,800-2,000 units in both projects.
“We had an ambitious strategy for the past five years that contributed to achieving contractual sales of more than EGP 18bn, and we’re working on a stronger strategy for the next five years, targeting to expand locally and internationally” said Ahmed Shalaby, President and CEO of Tatweer Misr.
Shalaby emphasised the importance of innovation on Tatweer Misr’s core business activities stating, “Innovation enabled us to stand out in the market, it was not only as a tool to drive sales. It rather enabled us to become the first real estate developer to develop CER (Corporate Entrepreneurial Responsibility) activities such as the innovation competition that aims to enhance the entrepreneurial ecosystem for innovative youth.”
Tatweer Misr’s projects reflect innovative design concepts. For example, IL Monte Galala has a unique design and master plan. The project is carved into the mountain overlooking the Red Sea, and has around 10,000 units and 4 hotels, Shalaby explained.
“Another story that resembles marketing innovation is when we became the real estate partner of Liverpool FC. It enabled us to acquire brand awareness locally and regionally,” he continued, “We were the first company in the local market to link its name to a football club with great history such as Liverpool FC.”
Tatweer Misr also boasts attractive payment plans, and it was the first to launch their “Think Big Think 10” payment plans, that enables customers to buy units with a 0% down payment and installments over 10 years.
However, success stories driven by marketing and communications are not the only innovative stories the company has. Rather, Shalaby reiterated the company’s leadership in making best use out of the buildings’ rooftops as they did in their first home project, Bloomfields in Mostakbal City. Each cluster in Bloomfields enjoys several recreational activities such as pools, gyms & playing areas on the rooftops catering to its inhabitants. He also mentioned that Tatweer Misr was the first in Egypt, Middle East & North Africa to launch a hub for entrepreneurship & innovation “GEN@Bloomfields” in the entrepreneurial college campus located in the 90 acres educational zone in Bloomfields. The hub will be managed by the Global Entrepreneurship Network (GEN), which has a network that operates a platform of projects and programs in 170 countries aimed at making it easier for anyone, anywhere to start and scale a business.
Referencing local and regional sales, Shalaby revealed that the company currently has a total of 7,200 clients. 25% of unit sales have been exported, 20% to Egyptian expatriates and 5% to non-Egyptians. To monitor performance and ensure clients’ expectations are met, annual customer perception audits and market researches are held in cooperation with top international research companies.
The company’s sales reached EGP 6.2bn in 2019, exceeding its targeted sales across all three projects, IL Monte Galala, Fouka Bay, and Bloomfields.
Tatweer Misr’s land bank is 5mn sqm. This year the company will invest a total of EGP 3.5bn in its projects. EGP 500mn are allocated for starting the construction works in Bloomfields, EGP 1bn for Fouka Bay, and EGP 2bn for IL Monte Galala.
Spanning over 220 feddan, Fouka Bay comprises around 2,500 units and 4 hotels.
Meanwhile, the company has launched The VUES in Bloomfields in February, with a total of 1,000 units, of which 250 units were offered with spaces ranging from 75 to 210 sqm, they consist of 1 – 3 bedrooms. The name of this phase is driven from the scenery as all units overlook a 10-feddan central park featuring a clubhouse, BBQ area, outdoor gym & sports zone, playgrounds, pet zone, water features, WiFi, bike lanes & jogging track. Moreover, this phase will be delivered in 2024 and it features all elements of smart and sustainable cities alike all previous project’s phases.
Bloomfields’ total units reached around 10,700 with EGP 28bn investments, including residential, commercial, retail &entertainment areas, in addition to EGP 5bn that are allocated for a 90 acres educational zone featuring an entrepreneurial college campus hosting branches of international colleges as well as 3-4 international schools. The first international college campus and school are expected to receive its first student in September 2021.
Even though the company has zero-debt-to-date for its residential components, it is currently working on a plan to attract foreign investments and partnerships for the non-residential components of Bloomfields.
The company has managed to sell more than 1,700 units of the project, with value of EGP 3.6bn and total space of 265,000 sqm.
Commenting on sales in this first home project, Shalaby highlighted that regardless the slowdown in East Cairo due to market clutter, the company still managed to record strong sales.
Tatweer Misr will also launch new 350 units in Il Monte Galala with various sizes and types coinciding with the market’s need for efficiency . Most prominently, townhouses with sizes varying between 155 -188 sqm with 3 bedrooms , standalone villas varying between 213-220 sqm with 4 bedrooms, both types feature an additional nanny’s room. Moreover, the company also offers chalets varying between 95-115 sqm with 2-3 bedrooms. Speaking of a diversified product, Shalaby stated, “Our lofts are one of the most popular products that created a buzz in the market when first launched in Fouka bay. Their sizes vary between 70 -112 sqm with 1-3 bedrooms. All of which overlook the lagoon.”
“We are in the final phases in closing deals over new land plots in Sheikh Zayed and North Coast under the partnership system,” Shalaby revealed.
He stressed that the company continues to look for new business opportunities within the local market and abroad through an in-house team specialised in studying investment opportunities for medium and long term expansions.
Shalaby also emphasised that attracting foreign direct investments (FDIs) to Egypt’s real estate is a shared responsibility between developers and the government. The government’s role is to create an encouraging environment and this has been achieved through the new investment law.