Egypt-based Smart Assets Real Estate Company is targeting the generation of EGP 600 mn in contractual sales for the various private projects across the country during the current year, compared to EGP 460 mn in 2019, Invest-Gate reports.

Currently, Smart Assets’ portfolio involves 120 different projects in Egypt, belonging to 85 leading local real estate developers and varying between residential, commercial, and administrative units, found mainly in the New Administrative Capital (NAC), New Cairo, North Coast, and Ain Sokhna, Hani Adel, the company’s chairman, unveiled in a press release on June 14. 

According to Adel, by the end of last year, Smart Assets managed to seal deals worth EGP 350 mn in the New Administrative Capital (NAC) only. 

In light of the Coronavirus outbreak, there is an upward for demand on resale units in Ain Sokhna and the North Coast, which is expected to continue rising in H1 2020, as more customers prefer to self-isolate and work from home in vacation homes, especially during summertime, the chairman pointed out.

Speaking of the current crisis, he further explained that the company adopted a new resilient marketing plan that relies on the diversification of communication channels by reaching out to local citizens and Egyptians living abroad, while also maintaining the same levels of spending.

Specifically, there is strong demand for administrative/commercial property, particularly in NAC, due to the remarkable recurrent revenues, revealing that Dolmen Developments’ project, “The Pier Mall,” Dolmen Developments’ project has seen an unprecedented demand due to its strategic location in the R3 District. For the current fiscal year, Smart Assets aims to record EGP 100-150 mn in sales for the latter project, Adel concluded.