(MENAFN- Daily News Egypt) Egyptian Real estate developer Q Developments has announced plans to launch two new projects next year, with a total investment of EGP 11bn as part of its strategy to expand in the real estate market and address evolving customer needs, CEO Ahmed Thabet revealed.
The first project, located in the North Coast, spans 42 acres and will involve an investment of EGP 6bn. Scheduled for launch in May, the project is designed as a fully integrated urban development, featuring a variety of serviced units. Thabet emphasized the company's commitment to completing all necessary procedures ahead of the launch.
The second project will be in New Zayed, covering a 34-feddan plot. This residential development will also feature commercial and administrative units, as well as several hotel units, with investments amounting to EGP 5bn.
Thabet noted that Q Developments owns additional land in the North Coast and is in the process of regularizing its status with the New Urban Communities Authority. The company plans to expand its land portfolio through acquisitions in the near future.
In 2025, the company also intends to launch a new real estate project in East Cairo and is exploring investment opportunities in areas such as the North Coast and Alexandria. Thabet highlighted the success of the Q Hills project in Sheikh Zayed, a residential development on 24 feddans with an investment of EGP 5bn. Construction work began immediately after launch, in line with the company's policy to accelerate construction to mitigate cost fluctuations and market challenges.
Thabet also detailed the progress of the company's flagship project, Q North, in the North Coast. Spanning 100 feddans with a total investment of EGP 10bn, the first phase achieved a record sales rate, with 75% of units sold, exceeding the 65% target. The project features 80% two-story buildings and 20% three-story buildings, reducing density. An agreement with Crystal Lagoons ensures the design and operation of 18,000 sqm of water lagoons.
Q North Highlights:
The largest shopping mall in the North Coast, composed of seven buildings, spanning 34,650 sqm with a 700-meter road frontage, parking for 500 cars, and spaces for major global brands, retail outlets, restaurants, and cafes. Novotel Sidi Abdel Rahman Hotel: Spread over 4.5 feddans, the hotel includes 240 rooms, a 600 sqm swimming pool, a play area, and ample parking.
Looking ahead, Q Developments aims to increase its real estate market investments to EGP 34bn over the next two years through the launch of additional projects. The company's current operations are valued at EGP 22bn, distributed across various real estate developments.
Thabet emphasized the company's proactive approach to accelerating project execution rates as a hedge against inflation and market fluctuations. Q Developments owns factories and import agencies, allowing control over project costs and ensuring uninterrupted supply chains.
In 2025, the company plans to inject EGP 10bn into construction and land costs while expanding its hospitality investments by EGP 1.5bn to EGP 2bn, focusing on serviced units. Additionally, Q Developments operates several subsidiary companies specializing in contracting, project management, and third-party services in the New Administrative Capital, New Alamein, and the North Coast.
MENAFN24112024000153011029ID1108920289
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.