Gates Developments announced the escalation of construction rates of its three projects in New Administrative Capital and west Cairo, as part of its plan to adhere to execution schedule, besides to fulfill its contracts with Administrative Capital for Urban Development (ACUD) company and clients.
Ali Gaber, Chief Commercial Officer at Gates Developments, said that the company has reached 70% of construction rates of Catalan project, which is a residential project located on 40 acres with a total investment of EGP 1.8bn in the heart of the R7 area. Additionally, the company has completed 60% of Audaz project constructions. Audaz is a commercial mall situated in financial and business district at the New Capital.
Gaber added that construction rates of West Gate project in 6th of October city, west Cairo, have reached 40%. The project is a commercial mall located in the west Cairo region.
The company is working with its full operational capacity to speed up construction rates of all its projects, he noted, elaborated that the commitment to execution maintains the company’s credibility towards its customers.
He further explained that the companies’ ability to continue and compete strongly in the market depends on volume of construction, and the commitment to delivery dates in order to be able to gain customer’s confidence.
The periodic follow-up carried out by ACUD is very important to ensure that executive position of projects matches specific plans and contracts, which prompts more construction in all projects, thus accelerating rates of development in various projects and speed up life transition to the New Capital, he disclosed.
He expected hikes in property prices in the coming period as a result of high cost of raw materials due to global inflation, besides, high construction cost with the transfer of all ministries to the New Capital and the beginning of actual life there.
Accordingly, real estate companies continue to support purchasing power of customers, he noted, pointed out that mortgage is the most effective solution in the market in general.
He concluded, “Gates is one of the leading companies in real estate sector and was established in 2018 with total investments exceed EGP 7bn in the New Capital. The company has a clear and specific strategy to develop projects with a distinctive real estate footprint in the local market.”