Cornerstone Development is a regional real estate development company, specialized in high-end residential, retail, commercial & hospitality projects. The company lays the solid foundation for the life of the global citizen, building sustainable communities and landmark developments that are signatures of success in every global city. Invest-Gate has an interview with Cornerstone Development highlighting the company’s ongoing investments and its strategies to deal with the latest devaluation of the Egyptian pound and raising prices of construction material, in addition to the company’s future investments.
What are the current investments of Cornerstone?
Cornerstone Development has invested EGP 700 mn in its first boutique project, The Curve. Future investments are in the pipeline towards Mostakbal City, New Cairo, and the North Coast. We are usually cautious with selling, and we put our construction progress into consideration. This is a strategy that serves us and our clients well, especially with the increase in construction material prices, the devaluation of the Egyptian Pound, and the ever-high inflation rates.
How about The Curve project?
The Curve is a boutique residential compound, which consists of 540 units, along with a commercial strip. The project features a glass-walled Zen Room, a Listening Library, a Kid’s Creative Lounge along with a unique Alfresco BBQ & Grill, available to all residents to host gatherings, birthday parties, and many other celebrations.
What is the company’s latest project in the commercial sector?
Lately, the company has launched THE CRV Boulevard, a premium strip mall that offers commercial opportunities such as appealing retail and office spaces, clinics, pharmacies along with restaurants, banks, and supermarkets. Scheduled to be delivered by 2025, the project spans over 2,500 sqm.
The CRV Boulevard is designed exquisitely, creating practical spaces that adapt to consumer needs, with open views of the street and panoramic glass facades that ensure the entry of natural lighting and fresh air around the clock. This provides its consumers and employees with the maximum degree of independence and privacy to help them perform their work to the fullest by providing a healthy work environment in which all elements of comfort and tranquility are integrated.
Since 2022 is coming to an end, how do you see the company’s performance over the year, in terms of facing challenges in the market?
We believe the company has been performing very well, despite the changes happening, such as the devaluation of the Egyptian Pound, inflation, and additional cost of the construction materials. We managed our vision to predict what is going to happen. Thus, we set and developed our business plan, in addition to the sales plan. We are facing high demand from foreign markets. We recently had a tour in Toronto and Montreal in Canada, as we participated in two real estate exhibitions to Export Egyptian real estate. Our 2022 exhibition calendar includes further expansion in the Middle East market.
At Cornerstone, we offer units at 80% flexi finishing, which helps facilitate moving into a livable compound with the least amount of headache and cost to clients at the time of delivery. We will soon have fully finished packages for the remaining 20%.
Our designs, concepts, and amenities are new to the Egyptian real estate market, especially our projects in the NAC.
What are the company’s strategies to deal with the latest devaluation of the Egyptian pound and raising prices of construction material?
We regularly revise our prices based on the change in construction prices according to our cost studies. We do this for the sake of the customers’ benefit, as well as our profit, to ensure delivery of our projects in accordance with the highest quality and standards.
What is the company’s plan towards adopting sustainable construction?
We are collaborating with an international consultant, studying a new technique to inject into our construction. This technique mainly revolves around recycling all waste, and adding certain materials onto it, in order to be able to reuse it. We believe sustainable construction is for the benefit of all coming generations, and a tool to help save the world. This is the future.
Where is Cornerstone heading next in terms of investments and future projects?
Being present in different projects across East Cairo, North Coast, and the NAC, we believe that the key markets will always remain in Cairo, along with the North Coast, where we have higher demands, whether from Egyptians or foreigners. In addition, the company is studying the development of coastal projects based on The Curve’s clients’ request to expand our unique design and concept across the North Coast.
How do you see investment opportunities in the Egyptian market nowadays?
At Cornerstone, we believe Egypt is a great hub for investors to inject their money. All the new cities under construction and any investment will definitely have a profitable ROI. The population increase in Egypt has always been the reason that demand for real estate is high. Finally, the government’s direction to expand land area through creating new cities, makes it easier for all investors to start new projects in different areas across the country.