Egypt: Redcon Properties targets $355mln sales in Golden Gate project by year-end – ZAWYA

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Egypt – Redcon Properties has achieved a strong sales performance in its Golden Gate project, reaching more than EGP 8.5bn from the beginning of 2023 until October. The company aims to increase its sales to EGP 11bn by the end of the year, according to Tarek El Gammal, the chairperson of Redcon Group.

El Gammal told Daily News Egypt that the company is expanding its residential portfolio in the Egyptian real estate market, as well as exploring investment opportunities in the Gulf region.

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The Golden Gate project is located in the New Administrative Capital (NAC) and includes commercial and administrative areas, as well as various services and facilities.

El Gammal said that the company plans to deliver the first phase of the project, which comprises 25 buildings, in 2024. He added that the company is committed to the highest standards of quality and design in its projects.

What is the current status of Redcon Properties’ projects? Do you plan to launch new projects or products this upcoming period?

We are currently working on finalizing the construction of the first phase of our flagship project “Golden Gate”, and we expect to start delivering the units in 2024. Golden Gate is a mixed-use project that covers an area of 160,000 sqm and includes 29 buildings with commercial and administrative units. We also seek to increase our land portfolio by expanding and constructing residential projects, in line with our strategy of building more sustainable communities. We are also studying the investment opportunities in the Gulf real estate market.

What is the volume of investments injected by Redcon Properties into its projects this year compared to last year, and what is the target for next year?

We have a long-term investment plan in the real estate market with a total of EGP 20bn, directed towards developing the Golden Gate project in New Cairo, and potential acquisitions of new lands. We have invested EGP 1bn in the construction of Golden Gate in the first eight months of this year. In addition, we are currently conducting a detailed study to determine the size of the additional investments necessary to implement our future expansion plan. We are committed to staying on schedule to start delivering the units of the first phase of the “Golden Gate” project during the first half of 2024.

What is the Company’s sales volume this year and the target for next year?

We have achieved a strong sales volume in Golden Gate from the beginning of 2023 until October, amounting to more than EGP 8.5bn. We are making steady progress in our sales increase plans, with our targets reaching EGP 11bn by the end of the year. As for next year, we plan to launch new innovative offerings in the real estate market to meet the demand for administrative and commercial units, targeting a 50% increase in sales.

What is the increase rate of the unit price increase in Redcon projects this year?

The increase rate of the unit prices depends on several factors, such as the demand in the market, the cost of construction, land price, as well as the banks’ interest rate. We are currently witnessing a relatively higher increase rate compared to annual rates, due to the inflation rate and the increase in the construction material cost. Still, we adhere to the market standards and price rates while ensuring a high-quality product with competitive prices as this is our top priority.

What is the Company’s expansion plan and what are the most prominent areas of demand?

We are currently working on mixed-use commercial and office communities through the Golden Gate project, which is located in the New Administrative Capital (NAC). Our expansion plans include residential projects and developing our land portfolio within the Egyptian real estate market. We are also studying the investment opportunities in the Gulf real estate market, as we see a high potential for growth and development in that region.

Does Redcon Properties plan to develop large-scale lands in partnership with the government?

We have several strategies to obtain new lands, one of which is direct communication with relevant authorities such as the New Urban Communities Authority and the Ministry of Housing, Utilities & Urban Communities. We also follow up and stay updated on the lands that are being offered by the government as investment opportunities and conduct comprehensive studies to evaluate the available options. This includes site evaluation, general land plan, and analysis of the economic and financial potential of the different projects. We believe that the government authorities have made great efforts in developing the Egyptian real estate market and we look forward to having long-term partnerships with them in mega projects.

What are the most prominent features of the Company’s expansion plan abroad and what are the most prominent markets being studied?

Redcon Group has recently expanded regionally in the Kingdom of Saudi Arabia, by cooperating with a Saudi partner, to launch Redcon Saudi. We are planning to replicate the success of Redcon Construction, leveraging our rich expertise in contracting and construction. We are also exploring other markets in the Gulf region, such as the United Arab Emirates and Kuwait, where we see a high demand for quality and innovative real estate products.

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