• Thu. Feb 22nd, 2024

    SAK Developments Plans to Invest EGP 300 Million in New Administrative Capital

    BySharna Bass

    Jan 30, 2024
    SAK Developments Plans to Invest EGP 300 Million in New Administrative Capital

    SAK Developments, a prominent real estate company, has announced its plans to allocate EGP 300 million in 2024 towards the completion of construction works in its projects located in the New Administrative Capital (NAC). The company’s Chairperson, Ahmed Kadri, revealed this strategic move to solidify their commitment to delivering exceptional developments in the heart of Egypt.

    Expanding their horizons, SAK Developments is currently exploring exciting opportunities in both east and west Cairo to launch new projects throughout the year. As their ongoing projects in the NAC near completion, with investments amounting to approximately EGP 2 billion spread across three different initiatives, the company is eager to venture into fresh territories.

    Kadri highlighted the company’s interest in west Cairo, specifically the Sheikh Zayed area, where they are considering the development of a luxurious villa project. Additionally, SAK Developments plans to introduce a new residential project in the vibrant Fifth Settlement of New Cairo. These upcoming ventures are expected to showcase the company’s exceptional vision and dedication to creating exceptional living spaces.

    In regards to their progress in the NAC, SAK Developments has already completed the entire first phase of the Sueño compound in the illustrious R7 area. In just three months, they are set to deliver the entire second phase, demonstrating their commitment to timely execution and efficient project management.

    With an extensive portfolio consisting of residential, administrative, and commercial properties, as well as serviced apartments, SAK Developments aims to revolutionize the concept of commercial units within their projects. To offer a unique experience, the company plans to manage these units in their malls through a franchise system, collaborating with renowned brands to enhance the overall offering in the NAC.

    Kadri also shared updates on the progress of some of their ongoing projects. The V Hub project, constructed on a spacious 7,500 square meters area, has seen the completion of excavation, backfilling, and concrete works. Meanwhile, the Elite project, developed in partnership with Landmark for Real Estate Investments, has reached an impressive construction rate of over 75%.

    Highlighting the Sueño project, Kadri mentioned that the first phase was fully delivered four months ago, with construction rates exceeding 85%. The company foresees the completion of the entire residential development by the end of 2024, making way for excited homeowners to move into their new abodes.

    As the real estate market continues to experience fluctuations, Kadri offered insights into the future, predicting a potential increase of real estate prices by 20% to 30% during the first quarter of 2024. He attributed this projected surge to the rise in raw material prices, which led to a significant price hike of over 100% in the past year.

    SAK Developments remains committed to providing high-quality developments and innovative projects that contribute to the growth and prosperity of the Egyptian real estate sector. Their future endeavors in the NAC and beyond are set to redefine the landscape of modern living, offering individuals and families unparalleled opportunities to invest and thrive.

    SAK Developments: FAQ Section

    Q: What is SAK Developments?

    A: SAK Developments is a prominent real estate company based in Egypt.

    Q: What are SAK Developments’ plans for construction in the New Administrative Capital (NAC)?

    A: SAK Developments plans to allocate EGP 300 million in 2024 towards completing construction works in its projects located in the NAC.

    Q: What other areas is SAK Developments exploring for new projects?

    A: SAK Developments is exploring opportunities in both east and west Cairo to launch new projects.

    Q: Which areas in west Cairo is SAK Developments considering for a new project?

    A: SAK Developments is considering the development of a luxurious villa project in the Sheikh Zayed area.

    Q: What is SAK Developments’ plan for a residential project in New Cairo?

    A: SAK Developments plans to introduce a new residential project in the Fifth Settlement of New Cairo.

    Q: What phase has been completed in the Sueño compound in the NAC?

    A: SAK Developments has completed the entire first phase of the Sueño compound in the R7 area.

    Q: What progress has been made in the V Hub project?

    A: The V Hub project has seen the completion of excavation, backfilling, and concrete works.

    Q: What is the construction rate of the Elite project?

    A: The Elite project has achieved a construction rate of over 75%.

    Q: What are SAK Developments’ plans for managing commercial units in their malls?

    A: SAK Developments plans to manage commercial units in their malls through a franchise system, collaborating with renowned brands.

    Q: What is the projected completion date for the Sueño project?

    A: SAK Developments foresees the completion of the entire residential development of the Sueño project by the end of 2024.

    Q: What potential increase in real estate prices does Ahmed Kadri predict?

    A: Ahmed Kadri predicts a potential increase of real estate prices by 20% to 30% during the first quarter of 2024.

    Key Terms and Jargon:
    – New Administrative Capital (NAC): The New Administrative Capital is a planned city in Egypt that is being built to serve as the future administrative and financial capital of the country.

    Suggested Related Links:
    SAK Developments: Official website of SAK Developments, where you can find more information about their projects and developments.