Company’s project portfolio reaches 200 acres distributed in various areas, says Wathiq Al-Zanini
Isola Sheraton project is located on 45 acres in a privileged location in Heliopolis, says Walid Wafik
We have more than 2,000 units ready for delivery, says Ahmed Riad
The company targets EGP 3bn in sales from the first offering of the project, says Ahmed Badr
Egypt’s real estate developer Elmasria Group Developments announced the launch of its new project, Isola Sheraton, in a distinguished location in Heliopolis, with investments exceeding EGP 6bn, as part of the company’s plan to benefit from its strong precedent and the prime location of the project.
Chairman of El Masria Group Developments Wathiq Wafik Al-Zanini said that since the group started its business in real estate market, it relies on self-financing for its projects in addition to marketing revenues, especially that the company has a huge project portfolio and strong customer confidence that contributes to increasing marketing rates.
Al-Zanini added that external financing is an important mechanism within project development financing tools.
He pointed out that banking sector strongly supports real estate companies and serious investors in all economic sectors, and El Masria enjoys strong relations with major Egyptian banks and mortgage finance companies, who have a role in financing buyers in various projects owned by the company.
He pointed out that since the establishment of the El Masria Group Developments in 1987; the company has developed various projects throughout the country, all of which are flagship projects that meet the needs of target customer.
He explained that the company is developing fully-executed projects that are currently ready for immediate delivery, namely Sola October in Hadayek October city, which is a residential project that includes duplex villas, penthouses and two-floor apartments. Besides, middle-income housing projects specifically Bait Al Masrya in Hadayek October and Badr Al Masreya project in Badr City.
Furthermore, El Masria Group owns a land portfolio that is not loaded with any installments and does not have any debts, as well as enjoys official approvals and legal papers. Among the most important of these upcoming projects are Isola North project in Jaranwala Bay at North Coast and Isola Green project in green belt along Madinat Zayed. As well as, ISOLA 4WAY project in permanent Camp Street connected to all main axes in Egypt, which is considered one of the most important areas for administrative projects during the coming period.
“The company’s projects portfolio amounts to more than 200 acres distributed between New Zayed, Nasr City and North Coast, in addition to the participation of many public and private agencies,” Al-Zanini disclosed. “The company is currently developing a flagship project, the Isola Sheraton, and focuses on constructing it according to the highest quality standards. The project’s investments exceeding EGP 6bn and will be developed over 3 years.”
Real estate investment remains a safe haven for investment, and meets a basic demand of citizen, regardless of residential segment, a demand that the state is working to meet for various residential segments beside private sector, he said.
Walid Wafik, chairman of El Masria company, said that the Isola Sheraton compound is located on 45 acres, and is the first residential, administrative and commercial compound located in Heliopolis with 15% built-up area and commercial area on 15% of the total project size.
Wafik noted that the location of the project is very privileged, as it is situated a few meters from the heart of Heliopolis, Nasr City and Cairo International Airport, overlooking Suez Road and Nasr Road and minutes from Salah Salem Road, and in the middle of all main axes that lead to all neighborhoods of Egypt and highways.
He pointed out that the project includes 47 buildings with a total of 850 units with various sizes, added that the project includes 90 villas, townhouses, and a commercial mall spans over1,500 sqm. The mall is the largest in the region, as it includes shops, administrative and medical headquarters, and headquarters for banks and multinational companies. The project also includes a social club, a sports walkway around the buildings, and a bike track that does not conflict with car tracks, in order to provide the highest standards of safety for customers.
He pointed out that the project includes green spaces interspersed with lakes and waterfalls, elaborated that the project will be delivered within 3 years, and the company obtained the project land within the state’s development plan and to provide strong investment opportunities for real estate developers.
He revealed that the company has submitted a request for a partnership on the project with the owner of land, and this partnership was approved with the presentation of a distinctive idea to benefit from the project area.
Partnership is one of the state’s mechanisms to maximise investment return on the land owned by it, in order to direct value of land in project development and increase returns of land owner through project development more than if project land is sold once. Additionally, investor also benefits by directing cost of land in construction works, which achieves rapid pace of development, according to Wafitk.
Wafik unveiled that the company owns a plot of land in the North Coast, and it is located directly on the sea. Moreover, the company owns administrative and commercial projects, highlighted that the New Administrative Capital is a promising national project that enjoys the full support of the state. Accordingly, El Masria is already studying offers and is communicating with consulting offices to launch a different project amid strong competition in the New Capital.
He concluded, “President Abdel Fattah Al-Sisi’s directives and the government’s vision of the importance of real estate sector are factors that support local real estate market and contribute to maximising comprehensive development that the state is currently implementing.”
For his part, CCO of the company Ahmed Badr stated that the targeted sales from the first offering of the project amounted to EGP 3bn.
Badr added that the company plans to sell out the project within two years, within a carefully studied marketing and sales plan that achieves a balance between selling price and construction cost, so that a gap is not created between selling price and construction cost.
He pointed out that the company aims to achieve sales exceeding EGP 4bn in its projects during the coming period, based on continuous offering of new units in the company’s projects.
Ahmed Riad, director of El Masria Group’s engineering department, said that the company has more than 2,000 units ready for delivery and in selling phases, added that the company works to ensure that its projects meet all studies, official papers and licenses.
He revealed that the company aims to launch three different projects annually, confirmed that the company has carried out all financial studies and developed alternative plans in case of high costs, which enables the continuation of project constructions regardless of challenges, based on long experiences of the company’s staff structure.