SED passed 25% price increase in the top-notch Al-Riyadh Secon, CEO
The Saudi Egyptian Developers (SED) passed 25% spike in prices of residential units in the 5th Settlement compound of Al-Riyadh Secon, according to chief executive Mohmed El-Taher.
“ With SED injecting up to EGP7bn investments into the Egyptian market through 2021, compounds of Al-Riyadh Secon sees the construction of top-notch and fully-finished residential units,” El-Taher told Osoul Misr magazine.
SED plans to kick-off a promotion campaign and unveil remarkable sales schemes for New Assuit City’s Dorra Assuit this year, he explained.
The first residential project to venture into the New Assuit City, Dorra Assuit, built on 11 acres, helped increase prices of lands and residential units, turning the once-deserted area into a booming location.
New Damietta’s Secon Resort has been revamped to meet the market needs through the creation of adequate halls and a businessmen zone.
Secon Resort, built on 17 acres, consists of 176 upscale apartments and a 4-star hotel, he elaborated, adding that the first phase of the project will be delivered in the span of 3 years.
“ The SED is looking to earn 30% profits out of sales. The solvent company with paid-up capital of EGP1.9bn, is nursing no plans to get new banking loans.”
SED holds large assets, as it delivered up to 45 projects consisting of 29,000 residential units with 100,000 residents, he maintained.
