Bustani: 50% increase in company sales during 1st quarter 2021

By Hamed Mahmoud

The Al Bustani Real Estate Development has achieved a 50 per cent increase in sales during the first quarter of 2021, as part of the company’s endeavours to boost sales, said Engineer Mohamad Al Bustani, Board Chairman of the company.

He pointed out that the company also targets achieving LE200-million in sales by the end of this year; hence the company’s ownership of 30 separate projects in the areas of Beit Al-Watan and Al-Narges in New Cairo, and the “Degla Square” in Maadi.

“The group will complete implementing the “Degla Square” project in Maadi by the end of this year,” Bustani said, indicating that 50 per cent of the project has been marketed with investments of LE400 million.

Run on an area of 3.000 square metres, the project is divided between commercial, residential and administrative activities, and that it includes 20 supermarkets, Bustani said.

He pointed out that the spaces of residential units range between 70 and 200 metres at a price of LE13.000 per metre, meanwhile the price per square metre in the administrative units ranges from LE40.000 to LE60.000.

On the real estate market forecast, Bustani expected for the real estate market to grow during the current year with the start of various economic sectors to return to past activities, revealing a shortage in supply of commercial and administrative units in the local real estate market. He unveiled the company’s plans to expand the development of medical projects during the next stage.

Regarding the Menassat Real Estate Development Company, which was founded by a group of members of the New Cairo Developers Association and the New Administrative Capital, Al-Bustani said that it includes a large group of strong companies and adopts the green architecture system in the future capital.