Saudi Egyptian Developers (SED) has announced that its flagship project in the western desert extension of Lake Dairout, called “Sawary New Alexandria,” has raised EGP 2.6 bn in sales in H1 2020, surmounting the Coronavirus-induced slump, Invest-Gate reports.
With EGP 1.8 bn deals sealed in just three days, SED’s Sales Division solely concluded these sales, without tapping any marketing firms, according to the company’s press release on July 14, highlighting that phase I of Sawary New Alexandria comprises 197 villas, whereas the entire project extends over almost 417 acres.
“Conversely, marketing firms took charge of promoting other residential units that were earlier put up for sale,” Head of Commercial Division at SED Mohamed Abd El Hafez was quoted as saying.
“There is a successful strategy lying behind the outstanding sales that SED posted during this trying time … This demonstrates that Egypt’s real estate sector is rife with real investment opportunities and resilient enough to pass through challenges,” Abd El-Hafez underlined.
SED sets a superlative exemplar of a successful partnership that tied Egypt’s Ministry of Housing with the Saudi government for more than 44 years, during which 45 projects, constituting 24,000 housing units, have been executed across Egypt.