Eastern Developments has hosted a ceremony to honor their successful partners and collaborators in the journey of excellence and uniqueness within the real estate development sector, along with marketing companies and Invest-Gate reports.
The event witnessed the presence of company leadership, including Mohammed Abu El-Nasr, Chairman of the Board.
Mohammed Abu El-Nasr, Chairman of Eastern Developments, highlighted that the ceremony aimed to celebrate the completion milestones of the Genova West project within the specified timeline. It also aimed to acknowledge the commitment of construction companies in adhering to the strategic plan set by the company for the project.
Moreover, Abu El-Nasr praised the partners for overcoming significant economic challenges, especially the soaring raw materials prices, which reached multiples of their actual cost.
Also, Mohamed Talaat expressed gratitude thanks to Ceramica Cleopatra, Duravit, and executing contracting companies Marakez, represented by Muhammed Abd El-Aal, Ihab Mohamed Abdel Mawla, and their teams. Special recognition was also directed towards the project’s management, engineering consultants, supervisory staff, and real estate marketing experts.
Furthermore, Amr El-Gohary, Vice Chairman of Eastern Developments, mentioned that the Genova Zayed project commenced in early 2023, with the completion rate reaching 40%, surpassing the targeted schedule. He assured their commitment to delivering the project by 2025, even considering an earlier delivery date, fulfilling promises made to clients.
El-Gohary addressed economic challenges, stating that the company utilized its capital to execute ongoing projects, avoiding reliance on bank borrowing amid rising construction material prices.
That said, Ahmed Fawzi, Commercial Sector Director, revealed plans for the second phase of ‘Genova City,’ spanning over 20 acres and consisting of villa complexes.
Notably, the phase, slated for the first half of 2024, aims for sales exceeding EGP2.5 bn. Fawzi affirmed the intention to complete all project procedures, permits, and execution within the designated timeline.