Akam Developments announce pumping LE1.2b for construction works during 2021

By Hamed Mahmoud

Idris Mohamed, Managing Director of Akam Developments, unveiled that the company is set to pump LE1.2 billion into the construction works of its projects in the New Administrative Capital. The fund is part of the company’s plan to accelerate the implementation rates of its ‘Scenario’ and ‘Scene 7’ projects and to deliver them according to the timeframes agreed upon with clients.

In a press statement on the sidelines of the company’s participation in the Next Move exhibition, convened through May 27 to 29 this year, the managing director referred to the company’s endeavour to provide offers and payment facilities for up to 10 years to its customers during the activities of the exhibition only.

He explained that the company targets through the two projects sales volume of about LE2 billion during the current year.

Occupying a space of 40 acres in the R7 Area, the Scenario project includes 1,600 units of various areas ranging between 112 to 458 square metres in addition to a commercial mall, he said. “The project is 55% complete and that the delivery of the first phase, as per the delivery date schedule, will be by the year end.

Mohamed added that “Akam developments” company depends in implementing its projects on the principle of ‘innovation for change’ and ‘transformation into a better lifestyle’, pointing out that the thorough study of the Egyptian market and customer needs, and identifying the problems facing the customer and developing solutions is the keyword behind the successes seen by the company’s first project “Scenario”, and extended to its second project, “Scene 7”, the first sports compound in the New Administrative Capital.

Launched during the last quarter of last year, coinciding with the spread of the coronavirus pandemic and its repercussions on the Egyptian market, the Scene 7 has managed to achieve a sales rate of LE950 million, out of LE5 billion targeted volume of sales over the project four phases, Mohamed said.

He also pointed out that the project is being built on an area of 40 acres with a total of 1,600 various units, with spaces start from 68 metres to 236 square metres. This is in addition to the first specialised sports mall in the New Administrative Capital, Mohamed also said, pointing out that the project will be delivered in full during 2023.

The “Akam Developments” company enjoys great financial solvency through which it can complete the implementation of its ongoing and future projects, without resorting to bank borrowing.