In an interview with Al Mal newspaper, Eng. Alaa Khedr, Chief Executive of Scope Properties, set out the company’s expansion plans, including targeted investment of EGP 32 billion over five years.
Khedr pointed to expected revenues of around EGP 61 billion from the Mokattam Corniche development, and a minimum guaranteed sales value of EGP 6.2 billion for Al-Nasr Housing. He also anticipated price increases of around 30% across existing real estate projects as a result of global inflation and rising costs.
Further points covered in the interview included negotiations with international banks over a USD 300 million facility, a plan to inject EGP 1 billion during 2023, the acquisition of 10,000 square metres in Mokattam for the construction of 50 buildings at a cost of EGP 500 million, and the company’s assessment of a possible presence on the North Coast.
Source: Al Mal newspaper, issue 3934, page 07 (print edition) — 23 November 2022
