Master Group Vice-Chairman Mohamed Mounir has unveiled the addition of the company’s third real estate development in the New Administrative Capital (NAC) to its project portfolio in Q1 2021, while also affirming expansion into Upper Egypt, Invest-Gate reports.
While indicating plans to launch a new 16-story project in the towers area, Mounir confirmed, “We are currently studying a number of investment opportunities in NAC, Upper Egypt, and Red Sea’s Ras Sudr, as part of the company’s expansion plan for 2021,” according to a recent press release.
Master Group’s third NAC project extends over an area of 3,800 square meters, Mounir explained, noting, “Despite the Coronavirus crisis, which negatively impacted several economic aspects, Egypt’s real estate sector managed to withstand any shortcomings, thereby seeing a state of recovery in H2 2020.”
The vice-chairman pointed out that the Egypt-based developer registered whopping figures in sales of its first NAC project, called “The City,” which exceeded 75% of the total project sales.
Meanwhile, “The City Oval” project, the company’s second gated community in the new capital, which was launched back in October, received a great turnout at Cityscape Egypt due to its special nature in terms of location, services, and designs. While selling out phase I of the Ibiza Chillout Sokhna project, Master Group logged EGP 250 mn in sales of The City Oval.
Mounir also highlighted that the return of real estate exhibitions during the last quarter of 2020 contributed to achieving satisfactory sales for companies operating in the market and reflected the market’s thirst for such gatherings, “which are a direct opportunity for clients looking for real investment opportunities,” he noted.
That is why Master Group is to take part in the Egypt Real Estate and Investment Exhibition (EPIS), which runs from December 3 to December 6, presenting distinguished offers and facilities on all of its ongoing property projects.
Master Group Head of Marketing Mohamed El-Khouly explained that real estate exhibitions are one of the most important marketing tools, which realty companies rely on for direct sales.
“The year 2020 witnessed a postponement of a number of important real estate activities, which made some believe that the year will end with a significant decline in sales; but the presence of real demand and the return of exhibitions after the receding of the first wave of the coronavirus violated all expectations and the sector achieved contractual sales,” El-Khouly was quoted as saying.
He indicated that real estate developers must acquire a number of positives after any crisis that passes on the market and work to benefit from it as much as possible and always be prepared to adapt to the market data to enhance the ability of real estate companies to compete.