Gates Development announced achieving contract sales of EGP 1.2bn at the end of last August, out of a total of EGP 1.8bn that the company aims to achieve by the end of this year. The volume of sales depends on launching new phases of the company’s projects, and the recovery of the real estate market and demand, especially in the New Administrative Capital.
Ali Gaber, Chief Commercial Officer of Gates Development, told Daily News Egypt that the New Administrative Capital has become a distinctive destination for customers and investors.
It is one of the most promising national projects and one of the cities that receive strong attention and support from the state.
Gaber told Daily News Egypt that he expects a greater recovery in the New Administrative Capital market following the transfer of government employees.
He added, that the company is in the process of acquiring a plot of land of an area of 26 feddan in the R8 area, where it plans to implement a distinctive project in the New Administrative Capital.
He pointed out that the company plans to implement a project that attracts customers and fits the nature of competition in the New Administrative Capital. The project also aims to commensurate with customers’ awareness and choices that change constantly.
This project will be the third by the company after Catalan and Audaz.
He stressed that the company has a strong investment plan to speed up the implementation rates of various projects, fulfil its contracts with clients. This aims to maintain the company’s credibility while taking the necessary precautions to preserve the safety of the company’s employees.
Gaber explained that the company has implemented about 70% of the Catalan project in the New Administrative Capital. It extends over an area of 40 feddans with total investments of EGP 1.8bn in the heart of the R7 area.
He went on to explain that about 60% of the Audaz project has been sold, and about 50% of the construction has been implemented in the project.
He said that the company owns many lands in the 6th of October city and the New Administrative Capital.
It is also in the process of starting a project on the North Coast to achieve diversity in the company’s investment portfolio and meet the needs of customers looking for tourist accommodation.
These plans are also in line with the state’s plan to double urban areas and operate the North Coast is all year round, not just during the summer season.
Gaber noted that the company is participating in the Cityscape exhibition, which will take place from 22 to 25 September, with a bunch of its projects, with distinctive competitive offers.
The company will be participating with new units in the Catalan, Audaz and WestGate projects. The company aims to achieve outstanding sales during its participation in the exhibition; one of the important annual real estate events in the real estate market.
He emphasized that the Cityscape exhibition is an opportunity to learn about the real estate market trends, competing projects and customer needs, to meet them in current or future projects.
The company aims to achieve EGP 200m sales during the exhibition. Moreover, the exhibition is an opportunity for direct communication with customers.
Gates Development is making exclusive offers on its projects, in terms of prices and payment systems during the exhibition.
Gaber said that Gates Developments is one of the leading companies in the sector and was established in 2018. It has a clear and specific strategy to implement projects with a distinctive real estate footprint in the local market. The company’s total investments exceed EGP 6bn in the New Administrative Capital.
He revealed that a management and operation company is established to manage all the company’s projects to ensure the best services are provided to customers.
He pointed out that the management and operation of projects maintain quality and ensure a continuous return for investors in the project.
He praised the state’s supportive role for the real estate sector to preserve the value of this promising and influential market in the Egyptian economy.
The government has provided many facilities and initiatives that maintain the market’s strength and ensure its continuity, the last of which was the Central Bank of Egypt’s initiative to provide real estate financing at a value of 3% for 30 years, which gave a huge boost to the sector’s recovery.
Gaber noted that the state’s efforts to regulate the real estate market come within the framework of preserving the rights of all parties, whether the state, developers or customers.
This contributes to maintaining a promising market that attracts foreign investment. He also alluded to the importance of the Real Estate Developers Association and its role in achieving this regulation of the market and the classification of real estate developers.