Waterway Developments launches EGP 5bn integrated residential compound in New Cairo

Company achieved 50% increase in sales compared to 2019, exceeding target by 30%

The Waterway Developments, a pioneer in Egypt’s real estate development sector, is preparing to launch its latest project, an integrated residential compound in New Cairo, during the Cityscape Egypt exhibition.

The 30 feddan project is a fully-serviced residential compound located on the Northern 90th Street in the Fifth Settlement area of New Cairo.

With an initial investment of EGP 5bn, the project is only the latest in the company’s distinguished track record of projects in the Egyptian market.

The Waterway Developments has achieved a 50% increase in contractual sales during the current year, compared to the volume of sales achieved in the same period of 2019.

Haitham Samir, CEO of Equity for Investment and Real Estate Development, a subsidiary of The Waterway Developments, said that the company has recorded a 30% increase in sales during the past few months. Such is the company’s success in this area that figures are over target, despite the general slowdown in real estate sector sales in the first quarter (Q1) of 2020 due to the novel coronavirus (COVID-19) outbreak.

Samir said that the sales boom reflects the strength of Egypt’s real estate market, as well as the distinction of real estate products implemented by the company and its subsidiaries. Besides this, The Water Developments’ marketing plans have been developed based on accurate studies, to provide what is commensurate with the needs of target customers.

He added that about 36% of the company's customer base is non-Egyptian, hailing from Canada, the US, France, and Dubai.

He believes that The Waterway Developments will achieve a sales range of between EGP 700m-EGP 800m by the end of current year, so long as the company does not launch new projects.

Samir added that special offers are on offer during the Cityscape Egypt exhibition period, including extending payment terms. These have been put forward in an attempt to preserve the company’s investment returns, with longer payment periods of up to 10 years.

Regarding The Waterway Developments’ expansion plans, Samir revealed that the company has launched a distinguished project in the Choueifat area of New Cairo. The project includes 120 luxury serviced-apartments of areas ranging from 60 sqm to 500 sqm.

Moreover, the company has contracted with a major hotel brand to manage the project. The units are delivered to customers fully finished, with air conditioners and kitchens.

The company is keen on expanding access to lands in west Cairo and the governorates, Samir revealed, adding that the company is studying potential projects in New Alamein City.

Permits for the company’s North Coast project are being finalised, and will be offered to clients, he added.

The Waterway Developments is putting together a portfolio of distinctive projects, including The Waterway New Cairo, which has had a significant impact on accelerating the pace of development in the region.

The company is also behind The Capital Way project in the New Administrative Capital (NAC), one of the most distinctive projects at the mega national project. This is in addition to the commercial, administrative and entertainment project, 5A, which will include major local and international brands, as well as the Downtown project in Port Said Governorate.

Regarding the company’s work mechanisms during the COVID-19 epidemic, Samir said that various sales and marketing methods were used, including focusing on online sales and holding meetings in open areas.