Gates Developments records EGP 1.8bn in sales in 2021
Gates Developments announced recording EGP 1.8bn in sales of its projects in 2021, with a growth rate of 130% compared to the end of 2020.
Ali Gaber, chief commercial officer at Gates Developments, said that achieving these strong sales is based on several axes that depend mainly on a specific and comprehensive marketing strategy implemented by the company’s work team and in cooperation with success partners in various sectors. In addition to an administrative restructuring carried out by the company at the beginning of the year.
Gaber added, “In the beginning of the current year, Gates Developments has identified its strengths elements that require further consolidation, and identifying the company’s internal challenges in the market in general, in a full-detailed market study through which work mechanism and targeted sales plan are identified.”
He pointed out that the most prominent elements of strength on which the business of Gates Developments is based on accelerating construction rate in its various projects which depends on strong investment plan to oblige to delivery timetables.
He further noted that the company has a diverse portfolio of projects that meets demands of a larger segment of customers as well as flexibility in payment systems that take into account needs of target customers.
Direct marketing represents 36% of the company’s sales registered in 2021. Moreover, the company has cooperated with a number of marketing companies, whose number has increased to nearly five times, he disclosed.
Gaber praised the vital and successful role of success partners namely real estate marketing companies in accomplishing sales plan for the year.
He pointed out,” In 2021, the company has sold 91% of Catalan project, which is located on 40 acres with a total investment of EGP 1.8bn in the heart of New Administrative Capital’s R7 area. Moreover, the company managed to sell 70% of Audaz commercial project in the New Capital, in addition to 70% of commercial project West Gate, in 6th Of October city, west Cairo.”
This volume of sales reflects the continued strength of Egypt’s real estate market as a safe haven for investment, as well as the continued presence of strong and real demand throughout the year, especially in New Administrative Capital, with expectations of more demand for properties in New Capital, coinciding with the transfer of government employees to the city, he concluded.