Saudi Egyptian Developers sales hike 275% in Q1

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ArabFinance: Sales of Saudi Egyptian Developers (SED) soared by 275% during the first quarter (Q1) of 2021, Daily News cited Mohamed El-Taher, CEO of SED.

The sales volume recorded EGP 1 billion in Q1 2021, compared to EGP 363 million in Q1 2020.

He added that the company succeeded in increasing its sales volume during 2020 by 310% to reach EGP 5.6 billion.

El-Taher noted that the company achieved a great leap in the sales of the Latin Quarter New Alamein, which amounted to approximately EGP 1.2 billion in the first 10 days only from opening the reservation.

He pointed out that the companys total investments in its under-construction projects amount to about EGP 19 billion.

Bleu Vert is one of the company major projects located in the New Administrative Capital (NAC) on the Mohammed bin Zayed axis, on an area of ??70 feddan, 294,000 square meters (sqm). The project is implemented with a total investment of up to EGP 4 billion.

The project features 2,000 housing units between villas and buildings with a ground floor and 7 duplicate floors, with areas ranging between 70 and 200 sqm. The project is implemented over three stages, with a sales target of EGP 6 billion, and it is scheduled to be fully completed by 2023.

On the other hand, the Latin Quarter is located in the southern region of New Alamein. The company achieved sales of EGP 1.2 billion in the first 10 days of the reservation window. It is scheduled to deliver the first phase in 2022.

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