Egypt - Real estate developer Capital Link Developments launched its new project in the New Administrative Capital on Sunday during the company’s annual Iftar party.
Ashraf Badea — Chairperson of Capital Link Developments — said that the new project is located in the NAC’s R8 area with targeted sales worth approximately EGP 2.5bn. The project features many competitive advantages that guarantee it a strong position in the real estate market.
CCO at Capital Link Developments Ali Gaber stated that the company will receive the project’s plot of land next month, and constructions will begin once necessary licenses are obtained with self-financing, disclosing that accelerating construction rates reduces risks resulting from high prices of building materials.
He added that “the company has an expansion plan in the coming period that focuses on expanding in the NAC and Sahl Hasheesh in order to develop a tourist housing project that achieves diversity in the company’s project portfolio. Besides, meeting the needs of customers for a second home and the continuation of developing projects in the NAC enhances any investor’s plan to expand their business.”
Gaber also stated that the real estate market is witnessing a transitional phase in the current period as a result of high prices of building materials and its impact on cost of construction and selling prices for new units.
Nevertheless, the real estate market is able to face challenges due to its reliance on real demand as well as facilities provided by the state to support the sector, along with flexibility of real estate companies in providing several payment plans that suit customers’ purchasing power.
The company’s total projects portfolio comprises four projects in the NAC varying between commercial, administrative, and medical projects — namely ‘Solano’, ‘Dorado’, ‘Verona’, and ‘Laval’.
Building permits were obtained for three projects, and the construction process began for two as part of its plan to maintain the timetable for implementation and delivery, he said.
The company eyes recording EGP 2bn of sales in its projects in the current year following the launch of the new project and the implementation of a restructuring plan.
Additionally, the company intends to be present in a number of real estate exhibitions during the current year, including ‘Next Move’ in June and ‘Cityscape Egypt’ in September, he concluded.
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