Karim Shaalan, the CEO of Royal Developments, has announced the company’s successful performance and development in the Egyptian market in 2023, Invest-Gate reports.

The company achieved significant milestones in terms of construction volume, completion of existing projects, and contractual sales. They also launched their Monark residential project Mostakbal City, covering a 40-acre area with a total investment of up to EGP 6 bn.

Shaalan highlighted that Royal Developments’ investment plan for the upcoming period focuses on expanding its presence in the Egyptian market through new projects, speeding up the completion rates of ongoing projects, and ensuring timely delivery to customers.

Shaalan revealed that the first phase of Monark was completely sold out immediately after its launch. Due to the high demand for the project, the company decided to offer around 40% of the units from the second phase, which was initially planned to be released this month. This brings the total percentage of sold units in the project to approximately 30%, with contractual sales reaching EGP 1.8 bn. The project is expected to be fully delivered by the end of 2027.

Moreover, Shaalan expressed the company’s goal to achieve a growth rate of contractual sales between 25% and 30% in 2024, compared to the contracts secured in 2023. According to Royal Developments’ construction plan, they will invest over EGP 270 mn in 2024 to advance the construction progress in their projects, particularly highlighting the Monark project.