Eng. Randa El Menshawy, Minister of Housing, Utilities, and Urban Communities, met with officials of Al Tameer Real Estate Development – TOREC DEVELOPMENTS, one of the companies affiliated with the New Urban Communities Authority, to follow up on the company’s marketing plans as well as the status of implementation and sales, Invest-Gate reports.

Meeting to Follow Up on Marketing Plans, Implementation Progress, and Sales Performance

The meeting was attended by Dr. Walid Abbas, Deputy Minister of Housing for Urban Communities, and Eng. Ahmed Omran, Deputy Minister of Housing for Utilities, in addition to officials from the Ministry and the New Urban Communities Authority.

The meeting addressed mechanisms to enhance promotion and increase demand rates for a number of projects affiliated with the New Urban Communities Authority in new cities, which TOREC develops and markets in its capacity as one of the Authority’s companies.

During the meeting, TOREC officials reviewed developments in various projects. The Minister praised the positive results achieved by the company during the past period, whether in terms of project implementation rates or contract and sales ratios, in addition to its commitment to set timelines and its keenness to develop its real estate product in line with market requirements and customer needs.

Review of Projects, Implementation Rates, and Sales Performance

For his part, Eng. Mohamed Anwar, CEO of Al Tameer Real Estate Development – TOREC, confirmed that the meeting also included a presentation of project implementation and sales rates. These projects include T Pearl in New Sheikh Zayed, T Square Mall in Sheikh Zayed City, as well as a review of sales status in New Alamein City at “T Residence” compound, in addition to units in the Address East project in the Fifth Settlement in New Cairo.

He added that a number of development proposals concerning the Bliss Gate project were discussed, including studying the intensification of green spaces around the project’s perimeter fence through the creation of a tree hedge, in addition to using an interlock paving system instead of traditional asphalt, due to its better aesthetic appearance and ease of future maintenance works, which contributes to extending the lifespan of the internal road infrastructure.

Approval of Interlock Paving Implementation to Enhance Road Quality

Accordingly, coordination was immediately carried out between TOREC and the Sheikh Zayed City Authority to study the proposed plans in detail and establish clear and swift mechanisms for their implementation. Officials of the New Urban Communities Authority issued a decision approving the implementation of the interlock paving item in response to customers’ demands. This came within the framework of the Authority’s and the company’s responsiveness to fulfilling clients’ aspirations and achieving the project’s envisioned image. The necessary executive steps to apply the decision will begin during the current period, contributing to improving the quality of internal roads and enhancing the overall efficiency of the project.

Contracting AFM for the Management and Operation of Bliss Gate

Previously, TOREC contracted with AFM, a subsidiary of Dorra Group, to undertake the management and operation of “Bliss Gate” compound. This reflects the company’s commitment to providing the highest levels of professional management and after-sales services, ensuring the preservation of the project’s quality in the long term, increasing its investment value, and contributing to achieving high returns for owners and investors.

Eng. Mohamed Anwar stated that AFM is currently inspecting and receiving the units from the executing company in preparation for handing them over to clients, as part of efforts to enhance the residential experience.

He emphasized that work is progressing steadily in the projects developed by the company, in accordance with the set delivery timelines, while applying the highest quality standards in execution, ensuring the highest levels of customer satisfaction.

Company Establishment, Shareholding Structure, and Expansion Strategy

Al Tameer Real Estate Development – TOREC DEVELOPMENTS was established in 2015 under the name “Al Tameer Real Estate Development – Al Oula,” with a shareholder structure consisting of the New Urban Communities Authority, Al Oula Mortgage Finance Company, in addition to MID Bank, the Holding Company for Investment and Development, Misr Insurance Company, and Misr Life Insurance Company. The company was founded with a capital of EGP 5 million, which was shortly increased to EGP 50 million, then to EGP 124 million in 2018.

At the beginning of 2021, the company adopted a new path toward expansion in the Egyptian market and diversification of its activities, to include real estate development alongside the marketing of New Urban Communities Authority projects.

In August 2021, and as part of the company’s expansion and development plans, a new executive management was appointed, selecting Eng. Mohamed Anwar Helal as CEO. The New Urban Communities Authority also decided to increase its stake in the company to approximately 67% of total shares, and the company’s capital was raised to EGP 500 million in 2022.