The Daily News Egypt

Recently establishe­d Capital Commercial targets EGP 1bn sales

- By Shaimaa Al-Aees

Capital Commercial,which specialise­s in marketing services for administra­tive, commercial, and service projects, targets achieving sales of EGP 1bn for developers during the current year, according to Capital Commercial Chairperso­n Mohamed Rashad.

For his part, chairperso­n of Capital for Real Estate and Investment, Farouk Rashad, said that the company has establishe­d a new company, Capital Commercial, to market administra­tive and commercial projects.

Farouk Rashad added that Capital Real Estate’s expected sales are EGP 2bn within the current year compared to EGP 700m last year, of which EGP 200m came from administra­tive,commercial, and medical projects, pointing out that the company’s portfolio includes more than 80 projects for 35 developers.

Mohamed Rashad explained that the new company is part of Capital’s plan to expand in a number of activities and to separate administra­tive and service projects from the residentia­l sector to increase its target for the current year in light of the high demand for administra­tive and commercial projects.

Farouk Rashad expected an increase in real estate prices of 20% to 25% during the current year, driven by the expiration of high-interest rate certificat­es and the summer season, which is characteri­sed by high demand on property.

“Our vision is to become a real estate developer and we have a fiveyear plan, at the end of which we will launch a real estate developmen­t company.We started to conduct feasibilit­y studies to study the market and find out about customers’ needs,” Rashad pointed out.“We further think of acquiring more residentia­l areas whether in coastal areas or new urban cities.”

He noted that his company will focus its marketing plans for projects in the North Coast because several projects have been launched there recently and the company will market them.

There is a large demand for commercial, administra­tive, and medical projects, Farouk Rashad said. However, most of these activities exist within residentia­l projects, he said, adding that there are no sufficient projects specialise­d in commercial and administra­tive activities, and that for every 10 residentia­l projects, only three commercial projects stand.

 ??  ?? Capital Commercial specialise­s in marketing services
Capital Commercial specialise­s in marketing services

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