Seraj Developments Expands In Residential Projects In New Cairo

12/1/2024 2:30:15 PM

(MENAFN- Daily News Egypt) Seraj Developments plans to expand in New Cairo by acquiring prime land for residential projects, building a strong track record to support future growth into gated communities. Chairperson Mohamed Omara highlighted the company's entry into Real estate in 2016, with projects in North Rehab, south of Suez Road, and Beit El Watan, investing around EGP 240m.

Omara views New Cairo as Egypt's top real estate investment hub, with plans to expand there over the next 3–5 years and explore new city markets. Since 2016, Seraj has focused on land and real estate, aligning with government efforts to drive growth and expand urban areas through new and existing city developments.

He emphasized that despite economic challenges, real estate remains one of the safest investments, supported by Egyptians' strong preference for property ownership. The group's latest efforts focus on developing its owned plots into residential projects.

He stated that the company has already begun construction work on its projects to deliver units to customers six months ahead of schedule, emphasizing credibility and reinforcing the“build before selling” concept. The first handovers are planned for mid-2026. While construction typically takes 12 to 18 months, the company prioritizes swift execution to hedge against potential increases in construction material costs and ensure credibility.

He also confirmed that the company will handle maintenance work to ensure the building's quality and condition, aiming to maintain its appearance and serve customers in the best way possible.

Additionally, he highlighted the strong marketing potential for New Cairo projects in other governorates, noting the significant purchasing power in these areas. This is further supported by the urban boom in road infrastructure, which enhances accessibility.

He added,“Seraj Developments began its business with its first project in the Qornfol Villas area. This was part of the company's plan to develop several residential projects in promising areas of New Cairo.”

MENAFN01122024000153011029ID1108944000

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.