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Egypt-based private developer Gates Developments has launched four new projects this year including Gates Privé, Space Commercial Complex, and Gates Lugar in West Cairo, and the Lyv Caesar project on the North Coast.
The company’s current portfolio of projects stands at 9 and includes commercial and residential developments, the company CEO said.
Hassan Nasr said the company has achieved 80 percent of its EGP15 billion ($308 million) sales target set for 2024. This includes sales of EGP 8.7 billion ($179 million) from Lyv Caesar project in Ras El Hikma, which he noted, has quickly emerged as a promising investment destination for Arab and foreign investors.
The EGP 40 billion ($821 million) project spans an area of 213 acres and is being developed in partnership with PIBIC Development, the landowner. It includes chalets, townhouses, twin houses, and villas, a 400-metre stretch of sandy beach, water features covering an area of 55,500 square metres (sqm), multiple swimming pools, children's areas, a club, a gym, and a high-end tourist promenade. The project also includes the Lyv Boutique Hotel, which consists of 32 luxurious cabanas and the Esca Beach Club.
Nasr said the company has achieved significant progress in the implementation of its projects despite the steep 60 percent increase in building material prices and project costs.
He said the company will start delivering several of its projects in the New Administrative Capital (NAC) in the R7 district. These include the EGP 2.25 billion ($46 million) Catalan project, which is 85 percent complete. The project, spread over an area of 40 feddans in the R7 district, comprises 841 residential units varying between villas, apartments, and duplex units, in addition to a mall.
Gates Developments has also completed 35 percent of the construction work on the EGP 2.8 billion ($58 million) Venia residential project, with delivery expected to begin in 2026. The residential project, spread over an area of 40 feddans, includes 896 villas and apartments, and a mall.
On the other hand, it has delivered 80 percent of the EGP 2.3 billion Audaz Mall project in the NAC with the rest slated to be delivered by the end of 2024. The 4-feddans project comprises a total of 751 units.
Nasr said that in West Cairo, the EGP 9 billion ($185 million) Gates Lugar project in New Zayed, spread over an area of 63 acres, is likely to be expanded to 100 acres with negotiations for land acquisition already underway.
The first phase of EGP 2.5 billion ($51 million) Gates Privé project is on track for delivery by 2025, a full year ahead of the schedule. The 17-acre project also includes a mall spanning 12,000 sqm.
Other projects under construction include the EGP 6.4 billion ($132 million) Space Commercial Complex spread over an up to 8 acres, and the EGP 1.5 billion ($31 million) Espana Plaza mall spanning 4 acres, both located in Sheikh Zayed.
Nasr said the EGP 1.45 billion ($30 million) West Gate project, spanning 4 acres in the heart of 6 October City, has been completed. Out of 190 units, 55 percent were operational in the first quarter of 2024.
(1 US Dollar = 48.68 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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