Madaar Developments plans to reach its investments in the real estate market to 22 billion pounds

The Madaar Real Estate Development and Investment Company aims to reach its total investments in the real estate market to 22 billion pounds, which it started with the "Azha" project in Ain Sokhna.

The CEO, Jasir Bahgat, said the company has a diversity-based investment plan in the areas of development, between east and west of Cairo, explaining that the company's next project will be in the north coast.

He added during the round table held by the company today, that the company is currently implementing a "Azha" project in Ain Sokhna, located on an area of 400 acres with a total investment of 6 billion pounds, and includes 2,500 housing units.

He continued that 2000 units of the project have been marketed with a total sales ranging between 6 and 7 billion pounds, and the rest of the project units are being marketed within 4 years, pointing out that investments have been made with about 3 billion pounds in the project since its implementation began in 2016.

He pointed out that the company plans to make the project a tourist destination not only for its customers but for all customers in the Ain Sokhna area, with the expectation that Ain Sokhna will become a first residence and not a tourist residence with the start of life in the new administrative capital.

The project included a hotel segment, totalling 1,500 hotel rooms, and the first 200-room hotel was operated.

He explained that one of the most important factors for the success of real estate developers in withstanding the repercussions of the Corona crisis was the diversification of their real estate production to keep pace with the wants and requirements of customers in real estate and commercial units, as well as the good opportunity represented by the crisis for real estate investors to take advantage of the financial facilities provided by the state and the Central Bank to support the national economy By supporting study of the requirements of clients in the real estate and project as a whole who plan to stay in it and develop financial plans and solutions that ensure the availability of financial liquidity to cover the expenses of priorities imposed by the crisis, as well as work on support Preparations for similar crises in the future.

He said that the export of real estate requires the study of three important categories of customers: Egyptians abroad who target specific real estate patterns; Arab customers in Cairo and coastal cities, a category that often does not seek exceptional requirements; and foreign customers who prefer a real estate unit within the framework of an integrated project that provides various services and has distinctive natural characteristics.

He also pointed out that the crisis caused by the adoption of the online sales system prompted real estate developers to adopt a new idea in planning units and to develop the design of commercial and administrative Spaces to keep pace with changes and provide additional space to allow work from home.