Empire State Developments Targets EGP 5.6bn Sales from Upmount Project While Accelerating Sustainable Growth Strategy

Empire State Developments focuses on execution, liquidity management, and long-term expansion

Empire State Developments is targeting EGP 5.6 billion in sales from its Upmount residential project in the New Administrative Capital. The company continues to implement a disciplined growth strategy that prioritizes project delivery, financial stability, and sustainable expansion amid changing market conditions.

Mostafa Mohsen, Chairman of Empire State Developments, said Egypt’s real estate market has entered a new stage where developers compete through timely project delivery and sound financial management rather than the number of new launches. Consequently, the company continues to focus on execution quality and long-term value creation.

Moreover, Mohsen explained that Empire State Developments deliberately prioritizes completing its existing projects while maintaining steady construction progress. The company also finances construction independently without relying on cash generated from new sales.

He added that El Centro, the company’s commercial and administrative development overlooking Central Park in the New Administrative Capital, has already achieved EGP 1.5 billion in contracted sales. In addition, the project has sold approximately 97% of its units, while construction progress has exceeded 50%.

Furthermore, Mohsen revealed that Empire State Developments retained ownership of the project’s top floor to maximize its long-term investment value. The company may later sell the space, lease it, or operate it as a panoramic restaurant overlooking Central Park.

Regarding Upmount, Mohsen explained that the residential compound is located in the R8 District of the New Administrative Capital. The development includes approximately 1,100 residential units ranging from 84 to 230 square meters.

He noted that the project introduces a modern residential concept based on double-height loft units, which represent nearly 70% of the development. Meanwhile, conventional apartments account for the remaining 30%.

In addition, Mohsen announced that Empire State Developments expects to begin delivering units in 2030. He also confirmed that the company has already sold most of the first phase, representing approximately 30% of the overall project.

Mohsen further explained that the company has successfully managed the impact of rising construction costs by executing building works through its own contracting arm while leveraging the capabilities of its affiliated companies. As a result, Empire State Developments continues to reduce execution costs without affecting construction quality or delivery schedules.

He also emphasized that real estate remains one of Egypt’s strongest investment assets. According to Mohsen, residential prices in the R7 District have increased from approximately EGP 6,000 per square meter several years ago to between EGP 30,000 and EGP 40,000 per square meter today. Meanwhile, commercial and administrative units now reach nearly EGP 95,000 per square meter.

Moreover, Mohsen disclosed that international buyers currently account for more than 15% of the company’s total sales. Therefore, Empire State Developments plans to strengthen its overseas marketing activities, particularly in Saudi Arabia.

At the same time, the company continues to evaluate new investment opportunities in Sheikh Zayed, 6th of October City, and the North Coast as part of its long-term expansion strategy.

Concluding his remarks, Mohsen confirmed that Empire State Developments will continue adopting a flexible pricing strategy based on actual construction costs and prevailing market conditions instead of applying fixed annual price increases. He emphasized that this approach supports sustainable growth while protecting long-term value for both investors and customers.