Ahmed Fekry, Chairman of Contact Developments, has announced the company’s success in making great progress in its projects despite the rising cost of execution, Invest-Gate reports.

Fekry confirmed that Contact Developments has completed 40% of the Mercury Mall New Capital project, a commercial administrative mall spanning 2,800 sqm and consisting of 10 floors, with sales targets reaching up to EGP 600 mn. He noted that project sales have reached around EGP 400 mn.

Moreover, Fekry stated that 20% of the Quan Tower project in the New Administrative Capital has been completed. This project, comprising commercial, administrative, and medical facilities over a ground floor and 25 stories, has attracted investments totaling EGP 1.5 bn, with sales targets of approximately EGP 2 bn.

Furthermore, Fekry elaborated that Contact Developments has finished 30% of the construction of Cairo Mall, a fully commercial project covering 7,500 sqm, with investments amounting to EGP 800 mn and sales targets of about EGP 1.8 bn, with project sales reaching approximately EGP 900 mn.

The company aims to deliver 280 units by the end of the current year for the Mercury Mall New Capital project, aligning with agreed-upon schedules with clients.

Also, Fekry highlighted that 30% of the company’s clients are foreigners, particularly from Gulf countries, per the state’s plan to expand Egyptian real estate exports.

Notably, Fekry also mentioned significant foreign nationalities showing interest in purchasing properties from the company, including buyers from Italy, France, and Germany.