Upturn targets $51.19mln in sales at Egypt's Centric Business District development

The development is set to comprise six phases, and encompass a total of 110 units, once completed

A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019.

A general view of buildings by the Nile River in Cairo, Egypt July 2, 2019.

REUTERS/Mohamed Abd El Ghany

 Upturn Developments targets sales of EGP 700m-EGP 800m at its Centric Business District development in New Cairo, according to the company’s Chairperson Mossad Al Shenhab.

The development is set to comprise six phases, and encompass a total of 110 units, once completed.

Al Shenhab told Daily News Egypt that the company is currently completing the third phase of the project, in which it is targeting sales of EGP 250m. This phase includes about 40 units in a variety of areas from 59 sqm to 2,000 sqm.

He added that the company aims to complete sales for the project in the fourth quarter (Q4) 2021. He revealed that there are plans to fully deliver all units in the project by the end of 2022, that it will be fully operational in Q2 of 2023.

The ground floor of the Centric Business District, which includes several service providers and cafes, will be available for leasing.

Upturn Developments’ sister company and specialist in property management, Surrogate, will rent out and manage the units in the Centric Business District, as well as  manage its operation. Al Shenhab added that his company has also assigned SIGMA Properties to provide the facilities management for the project.

Upturn Developments is currently considering the launch of a new mixed-use tower in the New Administrative Capital (NAC), as the government’s move to the capital will boost demand by developers to invest in such mega projects.

Al Shenhab also disclosed that the company is also studying further investment opportunities in New Cairo, which will include the launch of new projects similar to Centric Business District.

Moreover, the company is developing separate property buildings in New Cairo, as it is focusing on expanding horizontally in New Cairo city, he said.

“Amid the novel coronavirus (COVID-19) crisis, the company boosted its sales by offering ready-to-move units inside some projects with reasonable prices,” Al Shenhab said, “Therefore, the company’s strategy is developing its projects without waiting for selling their units.”

He also said, “Additionally, the company proposes to deliver 100 units in New Cairo by the end of the current year, alongside the targeting of EGP 400m in sales next year.”

Al Shenhab added that the company has completed construction on its Cortoba development, a project covering 1,820 sqm and comprising villas and duplexes.

The company has increased its unit prices by 6%, he said, and is closely monitoring the market situation to decide whether to increase prices further in the next year.

Currently, the company offers its clients cash back rewards on down payments. Under this mechanism, if the client pays a 20% down payment, he will receive a 20% return, and if he pays a 40% down payment, he will receive a 40% return.

“The Cityscape exhibition, which was held earlier this month, has moved the market and motivated clients to take purchasing decision,” Al Shenhab said, “I believe that the market will evolve in the coming year as Egyptians have absorbed the COVID-19 crisis and have learned how to deal with the pandemic, whilst also taking precautionary measures to protect themselves.”

© 2020 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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