DM Development has achieved 60% of targeted sales for the first quarter (1Q) of 2020 at Ain Sokhna’s The Groove resort, according to DM Development Managing Director Ahmed Abdul Hamid.
Abdul Hamid said DM Development is targeting a total of EGP 1bn in sales this year at the Ain Sokhna project. This comes despite the ongoing coronavirus (COVID-19) pandemic which has caused a decline in consumer confidence.
The company has already succeeded in achieving estimated sales of about EGP 150m during Q1 of 2020, equivalent to 15% of the expected 25% (EGP 250m) of the project’s total value.
“Undoubtedly, the volume of our sales for 2Q and 3Q will be affected by the current crisis, but it will not be noticeable as the rate of deviation from the expected volume constitutes only 10% in light of the increasing demand the Egyptian real estate market will witness in the coming period,” Abdul Hamid noted.
He pointed out that the company has assigned settlement works at The Groove to the TCB Company. He added that, before the project was launched for sale in 2016, about 2.5m cbm of soil was executed, equivalent to 70% of the project’s total settlements.
DM Development also supported the construction works of supporting walls of ILS Egypt, which will use the latest German technologies for building Geocell walls. ILS Egypt will also execute concrete works for the project’s second phase, at a cost of about EGP 120m. This will occur in addition to its undertaking the landscape works for both the first phase and the construction of the beachside health club.