MG Developments announced that it is targeting an expansion strategy during 2021 through a number of already existing projects, as well as a number of other projects that will be launched during the coming period in a number of different destinations, as the company aims to achieve contractual sales of 3 billion pounds during the current year, especially as it is It depends on marketing competencies and experienced people as well as the good reputation associated with the name of the group and its current projects in terms of commitment to delivery dates as well as specifications as contracted and it follows various payment systems that suit many different segments.
Mohamed Metawee, CEO of MG Developments, said that the real estate market sales in Egypt exceed 200 billion pounds annually, and the company aims to obtain a share of 3 billion pounds from the total value of these sales by expanding and launching a number of new projects in different destinations that considered as an investment opportunity.
Metawee added that the company’s projects are diversified in a number of fields, including residential, administrative, commercial and tourism, which makes the company have a diverse portfolio of projects that contribute to the inclusion of various new segments of clients, stressing the importance of investing in the new administrative capital, especially in the government district, as a good destination for investment. The capital enjoys the attention of the state and is considered a national project that will be vibrant after a short period of time, adding that investment in commercial activities is the highest in terms of return on investment due to the scarcity of commercial spaces in the government district because the area allocated to this sector does not exceed 15 pieces only.
Metawee pointed out that the company has expanded its contracts with real estate marketing companies, which already have a major role in this industry, by accelerating the sales rates of companies and real estate developers, this comes for their adoption of innovative marketing ideas based on the use of technology. Metawee revealed that this year will witness the company’s launch of a number of new projects in the new administrative capital, including two projects that are the first of our projects in the New Administrative Capital, with initial investments estimated at EGP 1.550 bn, namely the ProMark project, which is held in the government district and banks, and The Mark project, which is being held in the Downtown area.”
Metawee completed that the ProMark project is being built on an area of 8,836 sqm and with a building area of 25,000 sqm with 2 garage floors of 10,000 sqm. She emphasizes that the company already started the implementation of the project with a completion rate of 30% of the project before announcing it for sale, to confirm the strength and durability of its financial position and its ability to complete the project on the specified dates. The Mark project, which is commercial, administrative and hotel housing, built on an area of 3,144 sqm and with a building area of 1, 000 sqm divided into 11 floors in addition to 3 floors of a garage.
Metawee added that the company has also launched the fourth phase of the Blue Blue Sokhna project, with investments of 500 million pounds, after handing over the previous three phases, as this phase is distinguished by its proximity to the sea by a distance of 50 meters and all units see the sea as well as a group of distinctive services. Metawee added that during the end of the second quarter of the current year, the mall in Blue Blue will be offered for rent to facilitate the owners of Blue Blue to buy their needs, as well as visitors to Ain Sokhna, as the mall has a private entrance from inside the resort next to another entrance from the outside, and the mall is built on one floor. Strip Mall “, with an area of 2,500 square meters, with investments of 100 million pounds.
Metawee added that the company is now preparing to launch the Premium Business project, which is the second of its commercial administrative projects in the Fifth Settlement, with initial investment of 200 million pounds in the South Teseen Street, in addition to many services related to the commercial administrative building, including security of parking lots and cafes, as well as a service area for the building’s visitors. Metawee added that the last phase of Lavida Compound will be offered with payment facilities of up to 10 years, and the units will be delivered with fully inishing