Gates Developments accelerates the construction rates of its three projects in New Administrative Capital (NAC) and west Cairo, as part of its plan to adhere to execution schedules and fulfill its contracts with Administrative Capital for Urban Development (ACUD) company and clients, Invest-Gate reports.
Ali Gaber, CCO at Gates Developments, states that the company has reached 70% of construction rates of the Catalan project, which is a residential project in R7, covering 40 acres with a total investment of EGP 1.8bn. Additionally, the company has completed 60% of Audaz’ constructions. Audaz is a commercial mall situated in CBD in NAC.
Gaber further declares that construction rates of West Gate in the 6th of October city, west Cairo, have reached 40%. The project is a commercial mall located in the west Cairo region.
He elaborates that the company works at its full operational capacity to speed up construction rates of all projects, noting that the commitment to execution maintains the company’s credibility towards its customers. He further explains that the company’s ability to continue and compete strongly in the market depends on the volume of construction, and the commitment to delivery dates in order to be able to gain customers’ confidence.
Speaking of the real estate prices, Gaber expects hikes in property prices in the coming period as a result of the high cost of raw materials due to global inflation, in addition to, high construction cost with the transfer of all ministries to the NAC.
Accordingly, “real estate companies continue to support the purchasing power of customers,” he notes, adding that mortgage is the most effective solution in the market in general. It’s noteworthy that Gates Developments was established in 2018 with total investments exceeding EGP 7bn in NAC.