Akam De­vel­op­ments achieves EGP 1.7bn in sales from Sce­nario project

The Daily News Egypt - - News - By Shaimaa Al-Aees

Akam De­vel­op­ments has achieved EGP 1.7bn in sales from its Sce­nario project at the New Ad­min­is­tra­tive Cap­i­tal at the end of 2018,ac­cord­ing to the com­pany’s Prop­erty Con­sul­tant, Yomna Kamel.

Kamel added the project was built on an area of 39 fed­dan in the R7 re­gion of the New Cap­i­tal, and in­cludes 1,200 units with sizes rang­ing be­tween 136 and 465 sqm, not­ing that the com­pany plans to in­vest EGP 4bn in the project.

She elab­o­rated that the project was di­vided into four phases, and Akam aims to com­plete the sale of its units by next March.

Ad­di­tion­ally, she pointed out that the com­pany plans to im­ple­ment two new projects in the New Ad­min­is­tra­tive Cap­i­tal on a to­tal area of 68 fed­dan, the first is a res­i­den­tial project on 60 fed­dan, while the sec­ond is a com­mer­cial ad­min­is­tra­tive project on an area of 8 fed­dan.

Fur­ther­more, Kamel dis­closed that the com­pany has al­ready ob­tained min­is­te­rial ap­proval to de­velop its Sce­nario project, and the first phase is al­ready un­der con­struc­tion.

Re­gard­ing the price hikes, she ex­pected an in­crease of 5-7% on units’ prices, adding that real es­tate com­pa­nies must grad­u­ally add these in­creases to main­tain sales op­er­a­tions, while tak­ing into ac­count the con­tin­ued sta­bil­ity of the cus­tomers’ pur­chas­ing power, ex­plain­ing that this in­crease is an an­nual nat­u­ral in­crease to be added from one phase to an­other in each project.

More­over, the com­pany will par­tic­i­pate in some ex­ter­nal real es­tate ex­hi­bi­tions in some Arab coun­tries, namely Abu Dhabi in the UAE in Jan­uary, in ad­di­tion to an ex­hi­bi­tion in Am­man. She fur­ther elab­o­rated that the com­pany will also con­tinue to par­tic­i­pate in in­ter­nal ex­hi­bi­tions in the lo­cal mar­ket, within the frame­work of the di­ver­sity be­tween in­ter­nal and ex­ter­nal ex­hi­bi­tions with a view to mar­ket the project.

Ad­di­tion­ally, she ex­pected that Egypt’s real es­tate mar­ket will re­main strong with a real de­mand, which is the safety valve for main­tain­ing this mar­ket and its ac­tiv­ity dur­ing the new year. Fur­ther­more, the con­tin­ued pres­ence of com­pa­nies with strong of­fers and par­tic­i­pa­tion in ex­ter­nal ex­hi­bi­tions main­tains the mar­ket’s con­ti­nu­ity and helps reach a larger base of cus­tomers.

Akam was es­tab­lished in early 2018, with a paid cap­i­tal of EGP 3bn. The com­pany is owned by Al-Faisal Group of Com­pa­nies, a sub­sidiary of the Faisal Is­lamic Bank, as well as Be­nayat Misr, Res­i­dence De­vel­op­ment, and a group of en­gi­neer­ing con­sul­tancy com­pa­nies owned by Saudi bus ines spe rs on ,Sa ad Al-G ha it hi.

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