SAK Developments Chairman: We are implementing 3 projects in the Capital and construction rates align with the scheduled timetables
Eng.Ahmed Kadri SAK Developments Chairman, said that the company is implementing 3 projects in the New Administrative Capital since it’s launching, varies between residential, administrative, commercial and hotel apartments, showing that the construction rates of the three projects are proceeding at high rates according to the timetables agreed upon with the clients, and these projects are distinguished within its previlged and vital locations, which enhance its investment position.
He added during a press tour including the company’s projects in the capital to follow up the latest developments regarding the scale of completion for each project on the ground, pointing that the construction rates of the three projects are being conducted in a balanced manner according to the scheduled timetable for each project separately, as the excavation and replacement works in “The V Hub” project are completed, which is built on an area of 7,500 square metres, with a height of ground and 3 repeated floors, including a commercial ground floor, two administrative floors and a hotel floor, with a total building area exceeding 11,000 square meters, in addition to a basement and garages for the entire surface.
He pointed that the company started the project’s concrete structure works, and concerning “Elite” project,he explained that it is a partnership between “SAK” and “Landmark”, and it includes two buildings that are administrative, commercial and hotel apartments on an area of 6,000 meters, with a height of a ground and 7 repetitive floors, besides a roof and two basements and garages for the entire surface, indicating that the constructions exceeded 75% of this phase, in addition to the completion of the concrete structure works and buildings,besides a contract has been signed with a company specialized in facade finishing, as the building’s exterior finishing process is about to begin in order to deliver it to clients during the third quarter of 2024.
As for the third project, “Sueño”, it is the company’s residential project, as it began delivering the first and second phases more than 4 months ago, within total delivery rate reached 50% of the project’s units, and the construction rates for the residential apartment in “Sueño” project exceeded 85%, and now the company is working to complete finishing and landscaping works to be fully delivered by the end of 2024.
Kadri explained that the company has a different strategy in its management of its commercial and administrative projects, which focuses on offering distinguished and unique services that achieve the highest return on investment for its clients, and this is what the company implemented in the commercial mall “The V Hub”,as many contracts were signed with more than one trademark in preparation for starting operation,such as Seif pharmacies, restaurants like “Chili’s”,“Casper & Gambini”, “Pottery Cafe” and “BBQ Pro”, in addition to a number of famous brands, showing that the contract was made directly between these brands and SAK Developments within “franchise” system, provided that the company undertakes the management and operation of these brands to ensure quality and continuity, pointing that the project is in a unique location as it is located within the most distinguished lands on the university axis in R7 district, with a direct view of the main street and the tourist promenade to serve the residents of the residential compound, besides the presence of outdoor spaces and some entertainment services.
Kadri assured that SAK has experience in the field of real estate development exceeds 35 years and was one of the pioneer companies to develop Delta region, adding that the company’s expertise includes developing a number of projects in addition to significant experience in the field of contracting and engineering consultations in cooperation with a number of public business sector companies, and ministry of youth and sports, in addition to implementing many projects in a number of Arab countries in Bahrain, Saudi Arabia and Emirates, but the company decided to enter the field of real estate development in the East Cairo region, specifically in the New Administrative Capital, since more than 6 years, due to the company’s management’s belief in the importance of this national project, which is among the state’s urban development plan and the establishment of new urban cities, which represent great investment opportunities for investors in the real estate sector in general, but in particular, the new administrative capital is considered one of the strongest cities currently in Egypt, as a result of its strategic location and its proximity to Cairo Governorate, and the transfer of the government and all state institutions in it, which makes it the strongest investment opportunity now.
Kadri pointed that the state witnessed in addition to the New Administrative Capital, the implementation of many urban cities that are not less important than the capital, and now reached 39 cities throughout the republic, in addition to the implementation of many projects, concentrating on the infrastructure sectors, praising the state’s efforts to complete implementing these projects, which supports the development and growth of the real estate sector as one of the most important economic sectors that contribute significantly to the state’s national income.
He also praised the state’s recent decisions and measures to facilitate the work of real estate developers, whether by the Capital Company, or the Urban Communities Authority, or the state agencies concerned with the real estate sector, whether by granting additional implementation deadlines or seeking to find different solutions and discussing all problems with real estate developers, which indicates the development of the management system in Egypt, and the real estate sector, which benefits directly and indirectly all companies operating in the sector because it gives more confidence and reassurance to developers and clients alike, and thus has a positive and direct impact on the whole sector.
Kadri said that the state’s intention now to study the establishment of a real estate stock market and real estate funds is a very important issue which contributes to the growth and recovery of the sector and increase the local and foreign investments rates, noting that the real estate funds was not sufficiently activated in the sector, but it is considered one of the most important investment tools used in the world, due to its importance in supporting the sector positively, it also allows small investors who wish to invest in real estate to be present within this activity with small amounts, by purchasing units or purchasing shares through the stock exchange market and real estate funds, pointing that the primary goal of establishing real estate funds is achieving profits, whether for the state, the developer, or the client contributing to the real estate fund, assuring that Egypt is one of the countries that will achieve great success from establishing real estate funds due to several positive factors enjoyed by the Egyptian market, which are the high demand rates for real estate units as a result of residential density and the constant need for the presence of real estate products of all kinds, but unfortunately, we lack the technological readiness, activation of the real estate digitization system, and pass the law of the unified national real estate number, in order to be able to attract foreign investors and support the real estate export file.