In an interview with “Al-Mal” magazine, El Sergany explained that the “Aveline” project is being built on an area of 26 acres, with investments exceeding 10 billion pounds, in the New Cairo area. Times plans to accelerate the pace of construction during the current year.
El Sergany confirmed that contracts have been signed with “OKO Plan” and “ECG” companies to supervise the construction works and design the project.
He mentioned that “Times” acquired three real estate companies last year, namely “Egyptian Developers,” “Mass,” and “Conex,” and now owns a land portfolio of 258,955 square meters in East Cairo.
El Sergany added that his company has two other projects under construction in New Cairo, namely “Aster” and “T.HUB.” He explained that the former is being built on an area of 35 acres with total investments exceeding 3 billion pounds, while the latter is located on 10,600 square meters and a contract has been signed with the engineer Raif Fahmy’s office to prepare its designs.
He further stated that the “T.HUB” project includes administrative and commercial units of various sizes, consisting of six separate buildings, and investments amounting to 150 million pounds are planned to be injected during the current year to accelerate the pace of construction.
El Sergany confirmed that “Times” is exploring several investment opportunities in multiple attractive areas in the near future, with the North Coast being a priority.
He said that the government has implemented several facilitations that have provided protection for all aspects of the real estate sector, except for developers, who need to purchase lands at “reasonable” prices and obtain inputs for construction and production, as well as tax incentives and the approval of a real estate unit registration law.
El Sergany emphasized that the increase in building material prices and, consequently, the increase in the overall cost of real estate projects are among the main challenges facing the sector.
