|21 January, 2020

DM Development to launch New Cairo, North Coast projects at $190mln in FY21/22

The two real estate developments are expected to generate sales of about $633mln

Image used for illustrative purpose. Construction team planning at quarry Architects and worker discussing over blueprint at quarry against clear sky

Image used for illustrative purpose. Construction team planning at quarry Architects and worker discussing over blueprint at quarry against clear sky

Getty Images/ Morsa Images

Cairo – Mubasher: DM Development is looking to launch two property projects in the North Coast and New Cairo by the beginning of fiscal year 2021/2022.

With total investments of EGP 3 billion, the North Coast project and the New Cairo project will be established over an area of 100 feddans and 70 feddans, respectively, the company’s managing director Ahmed Abdel Hamid said.

The two real estate developments are expected to generate sales of about EGP 10 billion, Abdel Hamid told Mubasher on the sidelines of a conference launched by the company.

Upon the delivery of the first and second phases of its first project, The Groove Sokhna, DM Development will start implementing the two projects, which will be financed by the company’s shareholders, Abdel Hamid noted.

He added that the company may obtain a banking funding later, especially with the continuous decrease in interest rates.

With investments of EGP 4 billion, The Groove Sokhna is being established over five phases, covering an area of about 350,000 square metres, out of total 1 million square metres owned by the company, with target sales of EGP 6 billion.

DM Development has injected EGP 300 million into The Groove Sokhna to date, with plans to pump an additional EGP 200 million this year.

Source: Mubasher Exclusive

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