Creed Real Estate Company recently held a press conference to talk about the specifications of its projects, investments and future plans, and the situation of the real estate sector in the face of price fluctuations. He also launched his new project under the name Ever, in partnership. with the Urban Communities Authority in Western Cairo.
At the outset, Engineer Ahmed Taha Mansour, CEO of Creed Real Estate, welcomed all participants and began the presentation of the project by talking about the exact location, explaining that the project is located directly on the 26th July axis next to Mall . of Arabia, and on an area of 40 hectares, points out He took a lot of time to prepare his design to make the best use of the space.
Mansour continued during the company’s press conference that the project consists of 3 parts, an independent residential part consisting of 36 buildings, with a total of 500 residential units, and each building consists of a ground floor and 4 floors with different areas and views.
He added that there is an administrative and commercial part located on an area of 20 hectares, divided into 6 buildings, and each building consists of a ground floor and 3 recurring floors, on an area of 20 hectares.
He added that there is a third part, which is an independent residential-commercial hotel tower, with a height of up to 36 meters, and it consists of 500 hotel housing units, and 1200 commercial and administrative units in front of the project away from the residential area with independent gates, provided the administrative units are on the upper floors, while the floors have been allocated Ground floor for commercial units.
Mansour confirmed the existence of a medical building, which has a private entrance and contains a variety of medical services, including a pharmacy, clinics and laboratories.
Mansour moved on to talk about the project’s engineering consultants, saying: “3 senior consultants took over the design work of the project, such as Ismail Al-Habrouk’s office in the residential part, the American” YDG “in the commercial part, and” Muharram Bakhoum ”, with engineering designs that take into account the availability of enchanting panoramic views throughout the project.
On the reason for calling the project “ever”, Mansour explained that one of the big problems facing projects lies in the idea of sustainability, hence the name of the project to indicate continuous development, as the company developed a plan to carry out the project every 4 years in accordance with that principle.
The project is characterized by many open green spaces, as well as a group of the most well-known brands and international brands.
Mansour has stated that the total investment cost of the project is £ 9 billion, to be implemented within 6 years from the date of issue of the ministerial decision, which is scheduled to be officially submitted within the next week, and within a month as a maximum.
It aims to reach a “ever” sales value of 10 billion pounds, including 1.7 billion during the current year, provided the project is implemented in 4 phases, divided into two phases for housing, and two phases for each of the commercial and the independent tower, according to Ahmed Mansour.
The credit company has started making bookings for units available for the project from May 15, and bookings will officially begin with the issuance of the ministerial decision.
He stressed that “ever” will be in partnership with the Urban Community Authority, with a quota system in kind, which will be determined after the ministerial decision is issued.
Last April, Creed adopted a new strategy in preparation for the launch of this project in Western Cairo, and to treat different clients in a completely different way, and this is ever the company’s first project in that region.
And the new company name cred indicates credibility, which is what the client is looking for in any real estate developer in the market.
Regarding the funding sources for the “ever” project, Mansour said that the company is currently in the process of obtaining a bank loan of between 300 and 400 million pounds, to improve the financial solvency of the group.
The price per square meter for fully completed dwelling units starts at about 26 thousand pounds, and the administrative price starts from 40 thousand, provided commercial units are offered for rent only.
Regarding the building plan for the “ever” project, Ahmed Mansour explained that it was not clear so far, but construction work will start in the residential part at the beginning of next year, and it is scheduled to be completed within one year. and in terms of the construction percentage of the residential part, it is about 25%, and the administrative and commercial part reaches 30%, and the company intends not to increase its sales during the current year to 20% of the total sales target of the project.
The company reached the sales target within a month in just 3 days, indicating the huge demand for the “ever” project.
The “ever” project is located near the Mall of Arabia, and Ahmed Mansour explained that the company never wants to compete with the mall, and in its own mall is trying to provide more leading services as it plans to segment the segment target. of families and not the youth, and to completely include other international brands of those located in the Mall of Arabia.
Mansour pointed out that the submission of the Ever project at that time was considered a risk to the company, given the whims of instability, price fluctuations, inflationary waves and wars in the international arena.
He stressed that despite the ambiguity of the scene, the company studies its projects well, and the necessary studies are carefully prepared, and good standards are followed to provide a fair price that satisfies the customer, and at the same time sets it not the company in trouble if prices rise, as well as the company follows the strategy of not selling the project once.
He added that cred owns several projects in the Egyptian market, including the Castle Landmark Administrative Capital project. The first phase of the “Castle Landmark” project will be delivered at the beginning of next year, and during the past year, 1 , £ 2 billion of sales have been achieved, and we aim to record £ 1 billion in sales during the current year.
He added that the credit company had obtained approvals to take out a loan of £ 750 million from a private bank to finance the “Castle Landmark” project in the new administrative capital.
He said that “Castle Land Mark” consists of 4 phases, and it is sold in 5 phases, and the company has already completed more than 95% of the construction works for the first phase, and the total number of units in it is 476 units, and 64% of the construction works were completed In the second phase, 35% of the third phase.
While the excavation work ended in the fourth phase of the project, it is scheduled to deliver the first units of the project from the last quarter of this year, and its delivery will run until the end of 2024.
He added that the deliveries will be completed sequentially according to the timetables, with a phased delivery every 6 months, so that the delivery of the entire project units will be completed by December 2024.
He said that cred intends to formally establish a project management company by the end of this year, as part of his expansion plan and ambitious vision, after gaining much experience from his company in Saudi Arabia.
The credit company is preparing to participate in an external exhibition in Jeddah, Saudi Arabia during the coming period, noting that the exhibitions are useful in achieving targeted sales, and explaining that the main purpose of participating in these exhibitions is to a line and a link with customers abroad, pointing out that social media is more effective at generating massive sales for the company.
In terms of coastal investment, Mansour said the company is still looking for strong investment opportunities in the North Coast, especially after the stability of the situation there.
Mansour added that there is no change in the company’s financial policy in terms of shareholders, and the company is not currently considering non-bank financing solutions such as securitization and sukuk bonds, and these limits can be accepted during the next year.