Sherif Othman CEO of Grand Plaza for Real Estate and Touristic Investment said that the company will invest EGP 150m in La Mirada El Mostakbal project in 2022, with expected sales of EGP 400m.
Othman added that La Mirada is a distinctive community established in east Cairo. La Mirada El Mostakbal is offering a new way of living in a friendly and quality environment.
Realty Catalogue sat down with Othman to learn more about the company’s expansion plan and updates in current projects.
Delivery of the first phase of La Mirada El Mostakbal 2023 to start the finishing work.
Please tell us more about La Mirada El Mostakbal development.
The development was studied with endless care to provide out-of-the-norm facilities and services such as shopping mall, green areas and other recreational amenities designed to offer complete relaxation and a comfortable modern lifestyle for residents. The project also includes other distinctive facilities such as bicycle & jogging tracks, health club, children playgrounds and nursery; in addition to high-end maintenance and security services available around the clock.
La Mirada is a distinctive community established in east Cairo. La Mirada El Mostakbal is offering a new way of living in a friendly and quality environment. The project spans over 47 feddan, with expected sales of EGP 3bn in the project’s residential part.
What is the executive situation of La Mirada El Mostakbal?
We accomplished 50% of concrete structures of the first phase. The project consists of five phases was sold to Housing and Development Real Estate Investment Company, which includes about 150 units.
When will the company deliver first phase of La Mirada El Mostakbal development?
The first phase of La Mirada El Mostakbal is scheduled to be delivered in 2023, to start the finishing work.
What are the targeted sales of La Mirada Plaza Mall in New Cairo?
We have recently launched La Mirada Plaza with targeted sales of EGP 400m. The mall spans over 3,850 sqm, and includes commercial units with areas ranging from 60 to 350 sqm, medical clinics with areas ranging from 35 to 300 sqm, and administrative offices with an area of up to 300 sqm.
La Mirada Plaza represents a commercial, administrative, and medical front for the La Mirada New Cairo project, which is built on an area of 22 feddan, and the company has completely finished selling it, the residential project has been fully delivered.
Do you plan to contract with a facility management company to manage La Mirada Plaza mall?
We will contract with one of facility management companies to keep the added value of the mall and preserve its services.
Company intends to invest EGP 120m in La Mirada in 2021.
What is the value of company’s investments in 2022 and what are the expected sales?
We will invest EGP 150 La Mirada El Mostakbal project in 2022, with expected sales of EGP 400m.
Do you have bank facilities?
No, we do not, but we did check factoring twice, the first with Al Tameer Mortgage Finance – Al Oula and the second with Egyptian Arab Land Bank.
What is the company’s expansion plan?
We are planning to launch new medical and commercial projects in east Cairo due to gap between demand and supply in such activities.
We are approaching several medical groups to construct a distinctive hospital in La Mirada el Mostakbal.
In your opinion, what are the most promising areas in investments?
New Administrative Capital, Mostakbal City, Sheikh Zayed as well as, New Alamein, New Mansoura and others. Regarding Upper Egypt, we are studying investment opportunities in that area.
What is your expectation to price hikes in local property market? Additionally, what are expectations to the sector’s growth?
There is no increase in prices but will be stable, nevertheless, there is no price decreases in the current period because the cost is high. However, commercial property inside urban communities will see big price spikes. I believe that teal estate market in Egypt will keep growing due to increase in demand and population upsurge.
Grand Plaza plans to launch new medical and commercial projects in east Cairo.
What are your recommendations to real estate developers and brokers to revive sector’s sales especially after postponing some exhibitions?
Companies have to begin implementation in their projects and commit to scheduled dates to give credibility to clients and gain their trust, which will revive and boost the sector.
Egypt’s real estate market will keep growing due to increase in demand.
Do you have intention to cooperate or collaborate other investors?
Partnership is useful in developing projects and boosting more investments in the local market. Moreover, it is one of the best solutions to develop projects and solve cash flow problems.
What is your vision towards fourth generation cities and green building projects?
Green building and sustainable development are the future of Egypt’s architecture due to its dependence on consumption of natural resources and maintains the added value of buildings.