SAK Developments targets EGP 500 mn in sales of its Sueño compound in the New Administrative Capital (NAC) in 2019, Invest-Gate reports.

Nader Sameeh, the company’s board member, told Invest-Gate that SAK Developments has succeeded in achieving sales worth over EGP 200 mn during Cityscape Egypt 2019, which took place from March 37 to 30.

Meanwhile, the developer is considering launching a new project in Ain Sokhna, yet negotiations over the plot are in progress, Sameeh revealed.

On his part, SAK Developments’ CEO Ahmed Kadri told journalists during a roundtable held at Cityscape Egypt on March 27 that the exhibition has witnessed a high turnout of customers, which exceeded all expectations.

Kadri noted that the company has completely sold the first two phases of Sueño project, which is being marketed over three phases.

Sueño overs 11 acres in the R7 neighborhood at NAC, with the project’s built-up area accounting for only 14.8%. The compound comprises 12 buildings, featuring 369 units, Kadri pointed out, noting that the project boasts a commercial mall that includes shops, cafés, and restaurants, in addition to some entertainment areas, amusement parks, walking areas, as well as, a reception hall for VIP visitors that is being operated by solar energy.

He elaborated that SAK Developments showcased another administrative and commercial project during Cityscape Egypt, dubbed “Elite,” which spans across 5,500 square meters in the NAC’s MU23 district.

According to the CEO, the company has already secured a ministerial approval for Elite’s implementation. However, obtaining building licenses are still underway.

SAK Developments is a family business that has been operating in the real estate development market for 35 years now, establishing a number of real estate projects across Egypt.