The company has applied to execute a new project in Alamein and plans to be present in other regions.
40% of customers are foreigners
Interview by Hamed Mahmoud
Al-Burouj Misr launched the Sixty Iconic Tower project in the financial and business district of the New Administrative Capital with investments of 1.7 billion pounds, within the framework of its expansion plan that it launched during the last period, which includes the establishment of projects with various activities in several areas in line with the government’s steps.
Engineer Mohammed Al-Assi, Vice Chairman of the Company’s Board of Directors, said that the project’s sales revenues will reach about 3 billion pounds, and will be completed within 3 years, the new project is a tower built on an area of 13 thousand square metres and a height of 40 floors, will be built on 60 per cent of the total land area, the sales area reaches more than 55 thousand square metres
Al-Assi added that part of the project will be allocated for commercial activities by allocating the ground, first and second floors, as for the repeated floors, to the administrative part and the rest of the tower will be hotel units, and an international hospitality management brand will be contracted to operate it, explaining that the project will have a major role in highlighting that area. That is still a virgin inside the giant city.
He explained that Al-Burouj Misr contracted the English consulting office DSA ARCHITECT INTERNATIONAL, which has experience of more than 35 years in the field of designing towers and skyscrapers, to design the new project Sixty Iconic Tower, where the office is distinguished by its specialisation in the field of towers and has designed more than 66 towers and skyscrapers around the world, and it has 7 offices around the world, including the UAE, Portugal, Belgrade, Britain, and Johannesburg.
He pointed out that the targeted sales of the project were divided into two phases, the first with a value of 1.5 billion pounds, which is aimed at achieving them during the current year 2021, and the second phase during the next year 2022, pointing out that there is a great turnout of customers witnessed in the past days through the initial reservations, and it is expected that the project will be quickly marketed with Start putting officially launching.
Regarding the construction works, Al-Assi said that the project will start its construction within 6 months from now, as the company contracted the land plot and received the letter of governmental approvals, and design and review work is currently underway with the Administrative Capital Company, provided that the project will be implemented within 3 years, explaining that the project’s construction will start immediately, given that it issues licenses and approvals, and not a ministerial decision.
He explained that the company allocated about 300 million pounds to start implementing the project, and that value is expected to reach 500 million pounds.
Regarding the company’s expansion plans, Al-Assi said that the company is carrying out continuous studies of the lands offered in the Administrative Capital, and as a result, the company found that the MU7 area still needs more projects, despite its unique location, as it overlooks the largest iconic tower in Africa and the Middle East, and its proximity to the Green River And the government district, which is a promising area and the axis of Mohammed bin Zayed and the Monorail, which is characterized by a promising future.
He explained that the company is one of the ten companies that applied for the lands that were offered in El Alamein, and is still waiting for the Urban Communities Authority to announce the winning companies, pointing out that other areas will be announced that the company plans to be in during the coming period.
He stressed that the company has been working in the real estate sector for a long time and has good cash flows that allow it to provide the liquidity needed by its projects and that the company is close to entering into an alliance and twinning with one of the Gulf companies, which will increase its financial strength, and it will be a partner in the Sixty Iconic Tower project, and from then other projects will be established in the industrial development sector.
He pointed out that the investment of the projects that the company is currently working on the rose to about 7 billion pounds, and the targeted sales exceeded about 13 billion pounds in all the projects that the company is working on, either individually or through its affiliated company, Edge Holding.
He pointed out that the company has placed a high priority for customers who have reserved to have priority in choosing the units, with special offers, whether in the new project or the Sixty Business Park and 3 Point projects.
He pointed out that the investment client has become aware of sufficient awareness to choose from among projects, and now focuses on projects that will have a return in the short term, especially with the decline in the sales rates due to the large supply of companies, and the customer who goes to companies that have great credibility in the market, Hence, it should be noted that the Central Business District addresses businessmen and its proximity to Downtown, the government district, and many distinct areas, which makes it a promising investment opportunity.
He explained that the region has all facilities, which makes it qualified to work as quickly as possible, and therefore pumping investments will have a return within two to three years.
We are targeting 2 billion pounds in sales this year, including 1.5 billion pounds from the new project, as there are remaining units in other projects, with a sales value of about 500 million pounds
He pointed out that the company focuses in its marketing campaigns on domestic and foreign customers, and has succeeded in recent years in attracting a large percentage of Egyptians residing and working abroad, pointing out that the percentage of foreign customers reaches about 40 per cent of the sales achieved in all the company’s projects.
He stressed that the company is always seeking differences in its projects within its plan to diversify the investment portfolio, and the main destination in which the company has achieved successes is the new administrative capital and any area to which the government heads, the company will place it at its top priority.
He pointed out that the company is working in R7 in the “Oia” project in partnership with Edge Holding, and we are present in Down Town in Oia Tower project, in partnership with Edge Holding, and in the 3 Point project, which is specific to Al Burouj Company, and the Sixty Business Park project in the financial and business district.
He stressed that Al-Burouj Misr has achieved many successes in the field of real estate investment in distinguished projects such as the sixty business park project in the financial district and the banking area near the government district, which will be opened soon, and the sixty corporate project, which will be offered for rents to investors interested in the capital market, stock exchange companies and companies operating in The banking sector.
