TOREC Developments targets EGP 9bn in sales for NUCA through Saba Residence project
TOREC Developments announced its comprehensive expansion plan in Egyptian market for the upcoming period. The company serves as the development and marketing arm for the New Urban Communities Authority (NUCA).
Mohamed Anwar Hilal, CEO of TOREC, stated that the company aims to expand in real estate sector and is currently negotiating for two land plots in the Green Belt area at west Cairo. Additionally, TOREC is developing three diverse projects encompassing commercial, administrative, and fully integrated urban developments.
Hilal said that the company continues to market distinguished projects for the NUCA and began these tasks since its inception. It successfully marketed some units owned by the authority as “in-kind shares” in major projects.
One of the most prominent projects currently being marketed by the company for NUCA is Saba Residence compound, located along the Boulevard Axis in the northern expansions on the 6th of October’s central ring road. The compound consists of 85 buildings with a total of 2,040 units, which have been divided into three sales phases, with the first phase launched, offering a total of 600 units.
The Saba Residence project spans an area of 69 feddans and includes four service areas, green spaces, and a children’s play area. The compound is surrounded by walls and gates, with buildings comprising ground level and five additional repeated floors.
The first phase of units was made available for reservation from September 22 to 3 October 2024, requiring a down payment of 15% and offering installment plans up to 7 years. The targeted sales from this project for the NUCA are projected to exceed EGP 9bn.
In October 2023, TOREC Developments has signed a cooperation protocol with NUCA to market units belonging to the authority. This agreement included three projects, the first involved nine villas in Utopia compound in 6th of October City, which were sold entirely for EGP 43.5m. The second project, Idris East, consists of an in-kind share from NUCA in collaboration with Al Tarabut association, featuring three phases with projected sales of EGP 1.5bn.
TOREC Developments was established in 2015 under the name Al-Tameer for Real Estate Development – Aloula, with a shareholder structure comprising the NUCA, the first company for mortgage finance, Misr Iran Development Bank (MIDBANK) the Holding Company for Investment and Reconstruction, Misr Insurance, and Misr Life Insurance. The company was initially founded with a capital of EGP 5m, which was quickly raised to EGP 50m and then to EGP 124m in 2018.
At the beginning of 2021, TOREC shifted its strategy to expand in the Egyptian market and diversify its activities to include real estate development in addition to marketing projects for the NUCA. In August 2021, as part of its growth ambitions, the company appointed a new executive management team, selecting Mohamed Anwar Hilal as the CEO. The NUCA also decided to increase its stake in the company to about 67% of the total shares, raising the company’s capital to EGP 500m in 2022.
