Tatweer Misr recorded EGP 2 bn worth of sales in H1 2020 – equivalent to 75% of the developer’s target sales for the period, making way for similar gains in the months ahead to log contractual deals of EGP 6 bn by year-end, Invest-Gate reports.

The Egypt-based company is on the verge to hand over phase I of its flagship project in Ain Sokhna, called “Il Monte Galala,” where more than 500 fully-finished homes being delivered as of next September. This comes along with 500 others in the second phase of “Fouka Bay,” the developer’s well-crafted development on the North Coast, Ras El Hikma, Tatweer President and CEO Ahmed Shalaby announced in an August 17 press release.

The handover process for both projects will extend until the end of 2020, Shalaby confirmed.

According to the CEO, the COVID-19 crisis was a major challenge for the Egyptian real estate sector, particularly for Tatweer Misr. Thanks to the company’s well-established principles of innovation, teamwork, and commitment, on top of its long-standing market experience, Tatweer Misr was capable of eliminating all downfalls and do business professionally.

“This is strongly evident in the volume of sales achieved in H1 2020 and the successful opening of Fouka Bay last July, in addition to the delivery volume which is set to exceed 1,000 residential units in each of Fouka Bay and Il Monte Galala by year-end,” Shalaby explained.

Further, in the face of the Coronavirus woes, Tatweer Misr was able to maintain a constant pace of implementation rates of its three flagship developments nationwide (i.e. Fouka Bay, Il Monte Galala, and Bloomfields in Mostakbal City), while also taking all precautionary measures to safeguard the health and safety of all workers on-site, he elaborated.

Shalaby also reckoned that the company was keen to meet all payment dues to all success partners and dealers on time, not to mention committing to paying salaries of all employees in full and announcing promotions, along with spending bonuses twice this year.