Real estate developer Al Dau Development, a member of Sami Saad Holding, has continued its implementation of its two projects in real estate development, Al Dau Heights and Al Dau Strand, both located in Hurghada with investments exceeding EGP 2bn. In late August, Al Dau celebrated delivering the first phase of Al Dau Heights by holding a big concert for Egyptian superstar Amr Diab. The first phase of Al Dau Heights consists of 300 units. The project consists of four phases, and the whole project is to be completed in 2022, according to marketing director of Al Dau Development Bahaa Hefzallah. Daily News Egypt sat down with Hefzallah to discuss the latest updates of the construction development of its real estate projects. The company seeks to develop tourism in Hurghada through conferences and concerts held throughout the year under the auspices of the Ministry of Tourism and the Red Sea governorate, said Hefzallah. What is the size of the project investments in the first phase? What is the size of the investments of Al Dau Heights and Al Dau Strand? Investments of the first phase exceeded EGP 800m, and the volume of investments of the two projects exceed EGP 2bn. Did the increase in prices affect the residential unit's contracts? No, the prices are fixed from the date of contracting on the residential unit. What are the major accomplishments achieved by Al Dau Heights? The project is spread over an area of about 21 feddans, with 1,400 units implemented in four phases. The first phase was delivered in the first of July. Furthermore, we completed 40% of the second phase of the project, which includes the green areas, swimming pools, and a children's playground. The project is managed with the same quality of the company's hotels and their services. The company owns two main and important hotels in Hurghada: Steigenberger Al Dau Beach Hotel and Steigenberger Aqua Magic. The project's units range in area from a studio of 40 sqm to 300 sqm, and all units have a view of the sea. The project is expected to be completed in 2022, and Al Dau Village Mall will be built at the entrance of the project. The company will develop Al Dau Village Mall, like Cairo Festival City and City Stars. Besides, Al Basha restaurants in Zamalek will launch three restaurants in the Mall in Hurghada. Is there a demand on buying real estate units in coastal areas? Yes, the demand is high, and the demand for purchasing units in Hurghada is more than other tourist areas. Hurghada is a residential city and not just a tourist one. It has been linked to Upper Egypt with the new road network. At the same time, there are investors from Upper Egypt, and there are other foreigners, such as Germans and Russians. You announced that Al Dau Development is considering developing housing projects in a number of areas in Cairo, such as Haram, Sheikh Zayed, and Moqattam. Did the company decide starting its "first home" project, and in which areas would these be? We are currently establishing a residential project located in the Alexandria Desert road next to the Grand Egyptian Museum (GEM). The project consists of residential units of varying areas and includes a hotel. Construction works will take place in the next few months. Does the raising of interest rates in banks affect the sector? Yes, of course. At the beginning, it affected the sector, but with the realization that the stability of the investment is maintained, the real estate investment is steadfast, and its value is in a constant rise and will not decrease. Has foreign tourism been returning significantly? Yes, the tourist influx to Egypt is better than last year's, and I think we are now approaching the normal rates we are used to seeing, especially the flow of tourists from Ukraine, Poland, and Germany. I hope the Russian tourist returns in the coming period. Likewise, Egypt has seen high rates in the number of tourists coming from other parts of Europe. What is the purpose of the promotional events held by the company in Hurghada? AL Dau Development Company has achieved a number of successes during the previous periods in the framework of its plans to promote tourism in the Red Sea through hosting superstars to play in its concerts in Hurghada, such as musician Omar Khairat, Mohammed Hamaki, Jannat, and Amr Diab. Moreover, we seek to continue concerts in seasons like holidays and prepare for the New Year celebration. The aim of the promotion is to activate and revive tourism to Hurghada.
