Gates Developments records EGP 77m in project sales
Strong sales during exhibition period reflects excellence of company’s projects, said Ali Gaber
Gates Developments has succeeded in recording EGP 77m in sales among its projects presented at the Nextmove Exhibition, according to Chief Commercial Officer Ali Gaber.
Gaber noted that the company's pavilion witnessed a strong turnout during the exhibition, which was launched last week.
He added that Gates Developments presented a variety of projects it is developing in the New Administrative Capital (NAC) and West Cairo during the exhibition's activities. The company is also presenting special offers, available only during the exhibition period.
He pointed out that new units were launched in the company’s Catalan project, located in the NAC’s R7 district, and AUDAZ in the financial and government district. This is in addition to the West Gate and Plaza Espana projects, both located in west Cairo.
Gaber stressed that achieving strong sales during the exhibition period reflects the excellence of the projects presented and their ability to compete among the projects presented at the event.
Besides this, there is a continued strong and real demand in local real estate market products in all regions throughout the year, especially for projects that are unique in their location, design, and payment systems.
He pointed out that the start of the trial operation of the government district in the NAC from August will lead to more activity in the real estate market. This would particularly be evident in projects that are being developed in the NAC.
Additionally, the state is constantly providing support for the property market, the latest of which was the initiative by the Central Bank of Egypt (CBE) to provide mortgage financing at an interest rate of 3% for a period of 30 years.
He added that this initiative will have a strong role in providing housing for a large segment of citizens, in addition to its importance in registering real estate wealth in the market.
Moreover, it is possible to benefit from the advantages of this initiative and generalise it to include all residential segments at a different interest rate according to the value of the unit. The interest rate remains low, however, to stimulate real estate market.
Gates Developments is one of the leading companies in local real estate sector and was established in 2018. The company’s investments in the NAC exceed EGP 6bn, and have been placed in a group of distinguished projects, including Catalan in R7 and AUDAZ in the financial and government district.
These are in addition to the company’s West Gate and Plaza Espana projects in west Cairo. Furthermore, the company has launched its Venia project, which saw its first phase, representing 30% of the project, sold out.
