Real estate developer First Group plans to debut a new residential project in Sheikh Zayed city by mid-May, after completing its engineering design, according to the company’s Chairperson Bashir Mostafa.
The new luxurious villas only compound spans over 40 feddan, and is currently in the process of obtaining ministerial approval for the project development.
Mostafa said the company would continue work in its other projects at full capacity, stressing First Group’s commitment to delivery schedules, while taking all precautions to protect workers at construction sites. He also denied the company’s intention to lay off any of its employees.
Mostafa explained that the under-construction Kenz compound will be completed by June 2021, with the fourth phase left. He added that about 60% of the fourth phase has been sold out, expecting the completion of the project sale during the year.
As for the company’s commercial and administrative projects, Mostafa noted that construction works in Kaya Plaza mall will continue and will be completed within a year and a half from now. Kaya Plaza is being built on an area of 16,000 sqm in the 6th of October city, with a total investment of EGP 800m. It encompasses administrative, commercial, and medical units with various spaces.
“The company achieved EGP 750m in contractual sales at the end of last year, and it is expected to achieve our targeted sales for the current year despite the outbreak of coronavirus,” he said.
He believed that local real estate sector is still one of the most strong and resilient economic sectors in times of crisis and is one of safe investment sectors.
He further praised the precautionary and professional measures taken by the state to curb coronavirus spread, which will limit negative economic impacts on the national economy.
The anticipation state that real estate sector is experiencing will not last long, especially with the expectations of the end of the coronavirus soon, Mostafa said, predicting that the second half of the current year will see better sales rate that will compensate losses of the first half.