Tatweer Misr records LE2bn sales in the first half of 2020

Tatweer Misr recorded LE 2 bn sales in the first half of 2020, constituting up to 75% of the developer’s target sales for the period.

These numbers portend upbeat predictions for the second half of the year with the company seeking to log contractual deals worth LE6bn by the year end.  

The Egypt-based company is poised to hand over phase I of its flagship project in Ain Sokhna, called “Il Monte Galala,” where more than 500 fully-finished homes are scheduled to be delivered as of next September.

This comes along with 500 other fully-finished housing units of Phase 2 that are set to be delivered in “Fouka Bay,” the developer’s well-crafted development on the North Coast, Ras El Hikma, Tatweer President and CEO Ahmed Shalaby announced in an August 17 press release.

The handover process for both projects will extend until the end of 2020, Shalaby confirmed.

According to the CEO, the COVID-19 crisis was a major challenge for the Egyptian real estate sector, particularly for Tatweer Misr.

Thanks to the company’s adoption of innovation, teamwork, and commitment, on top of its long-standing market experience, Tatweer Misr was capable of eliminating all downfalls and do business professionally.

“This is strongly evident in the volume of sales achieved in H1 2020 and the successful opening of Fouka Bay last July,” said he, highlighting  the delivery volume which is set to exceed 1,000 residential units in each of Fouka Bay and Il Monte Galala by year-end.

Further, in the face of the Coronavirus woes, Tatweer Misr was able to maintain a constant pace of implementation rates of its three flagship developments nationwide (i.e. Fouka Bay, Il Monte Galala, and Bloomfields in Mostakbal City), while also taking all precautionary measures to safeguard the health and safety of all workers on-site, he elaborated.

Shalaby also pointed out that the company was keen to meet all payment dues to all success partners and dealers on time, not to mention committing to paying salaries of all employees in full and announcing promotions, along with spending bonuses twice this year.