Altameer Arabian has reported EGP 500m in sales at its Rivan compound in the New Administrative Capital (NAC) during the first half (H1) of 2020. Ahmed Osama, Commercial Manager at Altameer Arabian, said that the company has completed marketing of 150 out of the 714 fully finished serviced-apartments at the project during H1 of this year. The units range in area from 66 sqm to 450 sqm. Rivan, the first serviced apartment project in the NAC, spans over 17 feddan in a unique spot in the city. It is the company's debut on the Egyptian market. Osama noted that despite the repercussions of the novel coronavirus (COVID-19), which has affected all sectors in Egypt including real estate, the company achieved its targeted sales during H1 of 2020. He added that the company eyes recording EGP 700m in sales by the end of current year. Osama elaborated that Altameer Arabian has developed various marketing plans that are commensurate with market variables and suit target customers in light of the current circumstances. The company's sales reached 15% for foreigners and Egyptian expatriates during H1 of 2020. In addition, it plans to increase that percentage during the coming months of this year, he disclosed. "The company has contracted with 175 realtors and real estate marketing companies in the project," Osama said. "The competition now focuses on the quality of the real estate product and the company's financial solvency in addition to the size of investments, which are basic criteria for real estate companies." Accordingly, the company plans to increase prices at its project during the last quarter (Q4) of this year according to its marketing plan. This comes particularly as the Rivan project is the first serviced-apartments project at the NAC and targets a specific segment of customers and those who wish to invest in the new capital, Osama noted.
