Samcrete Invests EGP 3.2 bn in Egypt’s Real Estate Market

Tuesday, 15th November 2016

Samcrete Development will build residential units in its Pyramids Heights development in 6th of October City at a cost of EGP 1.2 bn and an office space complex at a cost of EGP 2 bn, according to the company’s Chairman Hisham El Kheshen, Amwal Al Ghad reported.

The office complex will be built on an area of 210,000 square meters and feature retail, office, banking, and dining outlets overlooking the pyramids of Giza.

The company assigned two companies, Constructions and Design (CONSTEC) and Al Safa for Engineering & Contracting Co., where each company will develop 40 buildings at a cost of EGP 65 mn per contract. Approximately 12% of the construction has been completed, added El Kheshen.

The company recorded profits of EGP 28.78 mn in 2015, with the Pyramids Heights project having sold 57.5% of its residential units.

El Kheshen expects total revenues of EGP 2.3 bn out of the project after it is fully completed. The first phase will be delivered in the first quarter of 2020.

Samcrete will also offer three tenders for 100 buildings, 60 villas, and infrastructure at a cost of EGP 650 mn. The company is also discussing the potential of building medical centers within the project, according to Daily News Egypt.

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