In less than three months since the launch of its first project in the Egyptian market, Jumeirah Egypt has obtained the Ministerial Decree No. 608 on 9/7/2021 & the Land Contract from the New Urban Communities Authority, to be one of the first developers to obtain a ministerial decree from the New Urban communities Authority in Ras El Hekma.
Jumeirah Egypt CEO Hisham El Danasoury praises the state decision to transfer the ownership and subordination of the northern coast to the New Urban Communities Authority, which he considers one of the most important decisions taken by President Abdel Fattah El-Sisi because this decision eliminated the problems that persisted for many years and the disputes between a number of multiple official bodies.
Jumeirah Egypt launched its first project, NAIA BAY, Ras El Hekma, last July; so did it finalize the ministerial decree & it’s legal papers?
Jumeirah Egypt has obtained the Ministerial Decree No. 608 on 9/7/2021 & the Land Contract from the New Urban Communities Authority, to be one of the first developers, who obtain a ministerial decree from the New Urban Communities Authority in Ras El Hekma.
Additionally, Jumeirah Egypt has completed 50% of the leveling work and the formation levels in the project. According to the company timeframe, Jumeirah Egypt will deliver the first phase in three years and the entire project after five years, with EGP 7 bn of investment.
Can you tell us a little bit more about these international brands acquired by Jumeirah Egypt?
The company has signed with successful partners including Simon Penhaligan, resident manager at Concorde Hotels & Resorts, the famous restaurant brand Abou Auf, KidZania Group, Andiamo Restaurant Group, Meadis Incorporation, and TWC for Physical Fitness and CrossFit. These contracts aim to provide the strongest international brands in the service, entertainment, and tourism fields in the Jumeirah Egypt project.
With the ongoing urban development plan of Ras El Hekma, how do you see the development plan of the entire North coast area?
The state’s decision to transfer the ownership and subordination of the northern coast to the New Urban Communities Authority was one of the most important decisions taken by President Abdel Fattah El-Sisi to eliminate problems and disputes that were persisted for many years between numbers of multiple official bodies.
What had happened in Egypt in terms of urban renaissance and development over the past seven years is an unprecedented achievement in creating new intelligent cities that achieve the comprehensive development plan targeted by the state. In addition, the opening of the New Alamein City will have a mythic effect on the entire North Coast region, from the reconstruction and creation of life on the coast and the operation of all services throughout the year, which enhances the investment value of the projects in this region.
With the state transforming the North coast into an all- year-round destination with the development of New Alamein city and linking it along the coast. How does this impact NAIA BAY?
The NAIA BAY project is characterized by distinctive services, landscapes, and unparalleled recreational services, standing out amongst all competing projects along this pristine coastline.
In this regard, the company has contracted with Crystal Lagoons® to provide waterfront view to units in the project; in addition to the other entertainment factors and recreational services to fulfill all needs. NAIA BAY will be privileged with all added public services currently provided by the government in New Alamein and Ras El-Hekma to make this destination active and sustainable all year round, including schools, hospitals, universities, various commercial centers, and markets to provide permanent job opportunities and services at competitive prices.
What is Jumeirah Egypt’s vision and strategy during the coming period?
Jumeirah Egypt seeks to achieve leadership with its investments in real estate. It is on its way to becoming one of the most important and largest five companies in the Egyptian market by implementing exceptional projects in line with the unprecedented urban development Egypt is witnessing now.
We put our clients’ desires and needs first by providing a real estate product that uplifts the Egyptian market. We are here to add exceptional projects that depend primarily on innovation and excellence. The company seeks to contribute fundamentally to changing the concept of architecture and sustainable development, whether NAIA BAY or all of the company’s future projects. Therefore, the company is working on providing the Egyptian market with innovative designs, global service, and entertainment venues, with a different and new diversity based on the nature of the Egyptian market.
What distinguishes NAIA BAY & what’s the size of its investments?
The NAIA BAY – Ras El Hekma project covers 112 acres and features Modern Greek Architecture. The project has a variety of spaces and many unit models to suit all the needs of customers. It also includes 720 units with areas ranging from 65 m2 to 520 m2.
Moreover, NAIA BAY features six areas to ensure Luxury & Privacy of customers, including:
• The Grand Hotel Area; which includes a Private beach, Unique Facilities, bungalows & cabins.
• Fira Area; which features Seafront Luxurious Stand-alone Villas & Twin Houses.
• Pelagio Area; Town Houses &Twin Houses with Private Direct Access on crystal Lagoons.
• Hali Area; Townhouses, which extends to the Waterfront Lagoon from the Terrace.
• Plaka Area; which encompasses chalets with its Waterfront on crystal Lagoons & having the boutique Hotel.
• Poli Area; which includes International Shops, Outlets, Restaurants, cafes, & an Entertainment Area for Kids.
The project includes a 5-Star International Hotel and another Boutique Hotel in the Plaka Area. Besides, there is more than one international hotel management company that is now negotiating with us, in order to operate the hotel part.
A memorandum of understanding has already been signed with the strongest brand in hotel management and soon the brand will be revealed.
What is the current sales percentage at NAIA BAY? What is the sales target by the end of the year?
The entire Standalone Luxurious Villas Phase, whose price value is EGP 200 mn, has been sold out. These Palaces were the first selling units of the project due to their uniqueness and unique views of the sea directly. In addition, many Towns Houses, Twin Houses & Chalets have been sold out during the Cityscape Egypt 2021 Exhibition with price value EGP 300 mn, bringing the total sales to EGP 500 mn in just two months since the Launch of the Project.
What is the company’s vision for the upcoming projects? Is there a tendency to enter the New Administrative capital (NAC)?
We are studying several investment opportunities in the New Administrative Capital, New Alamein City, and others in Sheikh Zayed and Sphinx as part of the company’s investment plan. This plan depends on implementing distinguished real estate projects in some new cities, in line with the state’s development plans.
What is your comment on the new decision not to announce any project until 30% of the project is completed?
We agree with any decision that would regulate the real estate market, control performance, and eliminate unserious companies. This decision aims to protect citizens from falling prey to real estate fraud operations. But, we are still waiting for the decision mechanism to implement it and know the conditions for its application.