Paragon’s sales amounted to 1.2 billion pounds in 2023, and 200 units will be delivered by the end of 2024
Engineer Mohamed Bedeir, Chairman of the Paragon Developments Board of Directors, said the company aims to inject investments worth 1.5 billion Egyptian pounds this year to complete construction work on its projects.
He explained that the company aims to achieve contractual sales worth 1 billion Egyptian pounds this year, noting that the company achieved sales of 1.2 billion pounds last year.
He pointed out that the company aims to deliver around 200 units by the end of this year in its various projects according to the timelines agreed upon with clients, noting that the company delivered 80 units last year.
He said that Paragon Developments own a land portfolio in East Cairo with an area of 120,000 square meters and an estimated investment value of about 4.5 billion pounds, which supports the company’s expansion plans in the Egyptian market.
Bedeir added that as part of its expansion plan, the company aims to increase its land portfolio to about 1 million square meters within a year
He explained that Paragon Real Estate Development’s investments in the real estate market amount to about 6 billion pounds, distributed across the company’s projects in East Cairo.
He said that the company is preparing to launch two projects in West Cairo and the North Coast with fully serviced residential activities, and the launch will be announced at the beginning of next year.
He added that the development deal of Ras El-Hikma city has encouraged developers to invest in the North Coast area due to the numerous investment opportunities and high demand from both Egyptians and foreigners.
In February of last year, the Egyptian Ministry of Housing, represented by the New Urban Communities Authority, and the Abu Dhabi Developmental Holding Company from the UAE signed an agreement to develop the Ras El-Hikma city project on an area of 170.8 million square meters with investments of 150 billion US dollars.
Bedeir explained that 82% of Paragon Development’s sales are to foreigners and Egyptians working abroad, reflecting the company’s strategy to target foreigners and expatriates as part of its plan to export real estate and enhance real estate investment opportunities in Egypt
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