Saudi Egyptian Developers (SED) has reported EGP 2.6bn in sales at its Sawari New Alexandria project in the first half (H1) of 2020, beating the coronavirus (COVID-19)-induced slump.
Up to EGP 1.8bn of the sales was recorded in just three days, signalling an unmatched feat in Egypt’s real estate market, according to Mohmed Abd El-Hafez, Head of SED’s Commercial Sector.
Abd El-Hafez added that the sales figures demonstrate that Egypt’s real estate sector is abundant with real investment opportunities and resilient enough to pass through challenges.
A total of 197 villas were sold in the first phase of the project through the company’s in-house Sales Division team, without the use of broker shares, he elaborated.
Conversely, broker shares took charge of promoting other residential units that were put up for sale previously, Abd El-Hafez noted.
The Sawari New Alexandria Compound project is located over an estimated 417 feddans on the Western Desert extension of Lake Dairout, behind the Alexandria City Center shopping mall, about 6 km from the city centre.
SED is a 44-year-long partnership between Egypt’s Ministry of Housing and the Saudi government. In this time, a total of 45 projects constituting 24,000 housing units have been executed across Egypt.