Empire State Development Company plans to invest 3 billion Egyptian pounds in the Cyan project in Ras Sedr, and is seeking to expand strongly in both the Egyptian and Saudi markets in the coming period.
Engineer Mustafa Mohsen, Chairman of the Board of Directors of Empire State, said that the area of the Cyan project in Ras Sedr reaches 14 acres, and contains 473 units of various sizes ranging between twin houses, chalets, and studios, in addition to 4 swimming pools, a 4-star hotel, and recreational and service areas.
Mohsen confirmed that the company preferred to start construction of the project before launching it for sale, as an important mechanism to hedge against price fluctuations and enhance its ability to price units reasonably, noting that some units may be marketed for sale by the end of next year.
Mohsen stated in statements, that the company intends to negotiate with a global entity to manage its hotel in Ras Sedr, in addition to discussions with a specialized entity to manage and operate Cyan tourist units.
He pointed out that the company is currently working through its contracting arm to implement landscaping and water features, and it also plans for the project to be suitable for year-round residence and not just in the summer.
In a related context, he said that the company has entered into very advanced negotiations to conclude a strategic partnership with one of the Saudi investment funds to establish integrated urban projects in Egypt and the Kingdom.
He expected the first cooperation between the two parties in the first half of next year, confirming that a real estate development company is currently being established between them, and the first operation will be in Riyadh.
He affirmed that the Egyptian market is the most attractive for foreign investments in the real estate sector, topped by the Ras El Hekma deal, which enhances its ability to attract more capital in the future.
He stated that “Empire State” plans to pump investments of about 17 billion Egyptian pounds over the coming years to establish projects in the new Sheikh Zayed areas and the new administrative capital, in addition to the North Coast.
He explained that the total investments of Empire State in the Egyptian market currently revolve around 8 billion Egyptian pounds, represented in the “Centromall” project in the administrative capital in the downtown area, in addition to “Cyan Ras Sedr”, and others will be launched in the coming days.
Mohsen called for the launch of an international electronic platform that provides all detailed information about real estate projects in Egypt as an important mechanism for export, in addition to expanding the holding of international exhibitions in cooperation between developers and the government, as well as facilitating registration procedures, which is considered an obstacle.
He called on the government to approve a reduction in interest rates on real estate loans and to provide land at reasonable prices, confirming that despite the challenges facing the market, it is able to withstand, due to the strength of demand and the flexibility of companies in facing market changes.
Empire State for Real Estate Development was founded 3 years ago, and is an extension of Al Hamd for Contracting, which has been operating for 32 years and has experience in Iraq, in addition to industrial activity.
