Amr Soliman, chairman of Mountain View, said the company targets achieving EGP 5 bn contractual sales from its projects during 2019, while planning to sign construction contracts worth EGP 2.5 bn in the same year, Invest-Gate reports.

Mountain View has units ready for delivery in eight different projects with a sales value of EGP 1.5 bn, Soliman exclusively revealed to Invest-Gate.

Soliman also unveiled that the company aims to deliver 600 units in the first phase of Mountain View’s iCity New Cairo project during the first quarter of 2020.

He pointed out that last year saw a 35% increase in sales volume, underlining that the Egyptian property sector does not have a real estate bubble, but there is rather a strong competition between real estate companies ion the back of the large supply of housing units offered by property developers.

According to Soliman, the company’s land bank comprises 13 projects as well as a total of 1,500 acres are under development, divided equally on New Cairo, 6th of October City, and North Coast.

In addition, he stressed that 5.7% of the Egyptian citizens are foreigners, which creates an extraordinary opportunity for developers to export their properties abroad.

He also called for the need for a classification of real estate developers during the coming period to support the market and maintain its continuation.