This image will be automatically disabled when it gets reported by several people.
Akam Developments targets EGP 2.2bn in sales during 2021 SCENE7 is first residential, sports project that includes group of world's largest sports academies, says Managing Director
Akam Developments is looking to record a total of EGP 2.2bn in sales by the end of 2021, the company's Managing Director Edrees Mohamed has told Daily News Egypt. Mohamed said that the company intends to deliver the first phase of its Scenario project, located at the New Administrative Capital (NAC), by the end of current year. He added that Scenario is located on an area of 40 feddans in the NAC's R7 area, and is near many other distinct complexes, such as the NAC's Airport, presidential palace, the project's British University, and many other distinct complexes. The project is comprised of 49 buildings encompassing 1,600 units, with spaces ranging between 112-458 sqm, in addition to commercial units stretched over seven feddans. Mohamed noted that the total project's sales are worth EGP 3.5bn, and that the Scenario compound boasts a built-up area of 19%. Meanwhile, the rest of the project has been allocated to green spaces, services, swimming pools, and industrial lakes. The general set-up and design of the project suits the ideal family, and the social life of customers. Moreover, the project offers several luxury residential units that vary between apartments, serviced apartments, duplexes, and penthouses. Akam Developments has completed 40% of the project's construction work, which is taking place at a rapid pace, in order to deliver its units according to the specified schedule. Mohamed revealed that the company has completed the sale of all units in the first phase of its SCENE7 development in the NAC, with sales for the second phase almost complete. SCENE7 is the first residential project to include a group of the largest international sports academies inside the compound. Moreover, it includes a selection of playgrounds and covered halls for various sports activities, a main swimming pool, another covered swimming pool, a sports mall, in addition to a commercial mall. Mohamed said, "Akam has provided the most famous international sports academies inside the SCENE7 compound, after its success in contracting with the largest academies in various sports." The company has signed with a number of academies to work on the project, including the Juventus Academy Egypt for football, Winners Tennis, ElBorolossy Squash Academy, the HIT CLAN, Archery Hub, and Spark Handball. Besides this, SCENE7 will also host GoPadel, Adams Dance Studio, Boost.Egypt, the Sherif Zakaria Basketball Academy and Badminton Academy, in addition to Sport X. The company's land bank in the NAC is currently estimated at 80 feddans, Mohamed said, adding that Akam Developments is looking to expand in the NAC, New Alamein, and Ain Sokhna. Mohamed also noted that the company's financial solvency is strong, with the shareholders' financial position also strong. As a result, the company does not plan to take out loans from banks, and instead to focus on self-financed projects. "Akam will participate in the Real Gate exhibition with special offers on payment systems, as the company offers a payment plan reaching 10 years," Mohamed said, "The company will showcase the new product in the SCENE7 project with units' spaces starting from 144 sqm." However, the global health crisis has negatively affected all sectors. Despite this, Egypt's real estate sector has proven its ability to face crises as a result of the measures taken by the state, Mohamed said. He expects the sector to make a recovery in 2021, due to new proposals and the completion of existing projects on the ground. Despite the recent challenges, Akam has worked in full swing to implement its strategy and achieve its goals through its Scenario and SCENE7 projects in the NAC. By 2023, Akam intends to be a pioneer among real estate developers in providing a real estate product that gives happiness to customers, provides solutions, and creates absolute luxury. This is represented in providing clubhouses, cinemas, theatres, malls, sports clubs, and green spaces at its projects, according to Mohamed. He believes that property prices would spike by 10% in 2021 due to the projected increase in raw materials prices by a rate of not less than 10%, particularly in the second half (H2) of 2021. Additionally, diversified and innovative modern products that have been presented in the NAC will be the focus of attention of many investors during the coming period, which in turn will lead to price hikes.
