Egypt-based DM Development has managed to log 60% (or EGP 150 mn) of its targeted sales for “The Groove” project in Ain Sokhna in Q1 2020, aiming to seal deals worth EGP 1 bn by year-end, Invest-Gate reports.
“[The results] are equivalent to 15% of the expected 25% (EGP 250 mn) of the total project value. Undoubtedly, the volume of our sales for the second and third quarter will be affected by the current crisis, but it will not be noticeable as the rate of deviation from the expected volume constitutes only 10% in light of the increasing demand that the Egyptian real estate market will witness in the coming period,” Ahmed Abdul Hamid, the company’s managing director, said in a press release on June 10.
The developer is also pumping investments of nearly EGP 150 mn to complete the concrete and finishing works of The Groove’s phase I, in a bid to deliver the project’s first batch of 102 residential units by the end of 2020, according to the statement.
Endeavoring to provide clients with quality residences, DM Development has awarded settlement works of The Groove to the Technical Consulting Bureau (TCB), which is already handling the establishment of major national projects such as the Egypt Railway Station. Besides, ILS Egypt will execute concrete works of the project’s phase II, along with the landscaping of phase I and the construction of the beach health club, with costs estimated at EGP 120 mn.
With an investment value of about EGP 200 mn, the developer also teamed up with Canada-based Global Waste Water Solution (GWWS) to implement The Groove’s swimming pools, industrial lakes, treatment plants, and drainage networks, the company further highlighted.
Abdul Hamid emphasized DM Development’s keenness to protect the health and safety of building workers in action amid the pandemic, taking all the precautionary and preventive measures to carry out construction works in full swing. Aside from the regular provision of sanitizers, masks, and gloves on-site, the company released awareness programs for employees and builders on the ways of infection spread and prevention, stressing on the identification of markers for symptom onset and disease progression and the immediate communication with concerned bodies in this case.
“Also, the company has reduced work hours and coordinated the progress of construction works according to alternating shifts to limit the gathering and accumulation of workers in offices or sites to make sure of keeping the safe distances, as well as conducting thermal checks on entry and exit portals of the company and sites and using electronic remote communication with customers instead of direct communication. For its part, the administration of DM Development has allocated isolation rooms for any suspected Coronavirus-positive cases until the competent authorities are informed to take the necessary action,” read the statement.
Currently, DM Development plans to set foot in the North Coast by 2021, in addition to studying the investment opportunities in the New Administrative Capital (NAC), in line with the company’s medium-term investment plan to launch a range of extraordinary residential, administrative, and tourism projects with modern solutions and creative designs.