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Akam Developments achieves EGP 1.7bn in sales from Scenario project Company plans to develop 2 ventures in New Administrative Capital, says property consultant
Akam Developments has achieved EGP 1.7bn in sales from its Scenario project at the New Administrative Capital at the end of 2018, according to the company's Property Consultant, Yomna Kamel. Kamel added the project was built on an area of 39 feddan in the R7 region of the New Capital, and includes 1,200 units with sizes ranging between 136 and 465 sqm, noting that the company plans to invest EGP 4bn in the project. She elaborated that the project was divided into four phases, and Akam aims to complete the sale of its units by next March. Additionally, she pointed out that the company plans to implement two new projects in the New Administrative Capital on a total area of 68 feddan, the first is a residential project on 60 feddan, while the second is a commercial administrative project on an area of 8 feddan. Furthermore, Kamel disclosed that the company has already obtained ministerial approval to develop its Scenario project, and the first phase is already under construction. Regarding the price hikes, she expected an increase of 5-7% on units' prices, adding that real estate companies must gradually add these increases to maintain sales operations, while taking into account the continued stability of the customers' purchasing power, explaining that this increase is an annual natural increase to be added from one phase to another in each project. Moreover, the company will participate in some external real estate exhibitions in some Arab countries, namely Abu Dhabi in the UAE in January, in addition to an exhibition in Amman. She further elaborated that the company will also continue to participate in internal exhibitions in the local market, within the framework of the diversity between internal and external exhibitions with a view to market the project. Additionally, she expected that Egypt's real estate market will remain strong with a real demand, which is the safety valve for maintaining this market and its activity during the new year. Furthermore, the continued presence of companies with strong offers and participation in external exhibitions maintains the market's continuity and helps reach a larger base of customers. Akam was established in early 2018, with a paid capital of EGP 3bn. The company is owned by Al-Faisal Group of Companies, a subsidiary of the Faisal Islamic Bank, as well as Benayat Misr, Residence Development, and a group of engineering consultancy companies owned by Saudi businessperson, Saad Al-Ghaithi.
