Adds Developments has made its entry into Egypt's real estate development market, securing a land bank of over 220 feddans across East and West Cairo. The company is set to launch its first project in East Cairo, marking the beginning of its expansion strategy in Egypt. With its founders having experience in real estate-related activities in Egypt since 2015, Adds Developments is poised to make a significant impact in the market.
The company's entry into the Egyptian market is built on its founders' experience in contracting, asset management, operations, and facility management in Egypt, as well as over 20 years of operations in the UAE since 2003. Abdullah Sohail, Chairperson of Adds Developments, stated that the company's experience across different stages of the real estate development cycle would enable it to manage activities ranging from assessing investment opportunities and development to construction, facility management, and operations.
Adds Developments plans to develop projects at relatively close intervals based on its existing land bank, with East Cairo serving as the starting point for its expansion strategy in Egypt. The company will work with consultants and specialised partners during project development, focusing on project timelines, engineering specifications, and operational requirements. Sohail emphasised the importance of post-handover operation and management of projects in their long-term performance.
The company considers Egypt a market supported by population growth, urban expansion, and the ongoing development of new cities and communities. Sohail noted that government-led urban development is creating opportunities for real estate companies to address changing housing and investment demand. Adds Developments supports the objectives of Egypt's Vision 2030 related to integrated and sustainable urban development.
Adds Developments is preparing to launch its first project in East Cairo, which is the first stage of a wider development plan in the area. The project will feature contemporary architectural designs and flexible spaces targeting different customer and investor requirements. The development is expected to serve as the starting point for additional projects that Adds Developments plans to introduce in East Cairo and other parts of Cairo.
Sohail stated that the company's model combines investment, development, construction, operations, and facility management, aiming to maintain oversight of projects beyond the handover stage. The company plans to retain ownership of some units within its projects. While details of the first project have not been disclosed, including its development value, sales target, project area, or expected launch date, the company is expected to provide updates in the near future.
The entry of Adds Developments into the Egyptian market is seen as a significant development in the real estate sector. With its experience and expertise, the company is well-positioned to contribute to the country's urban development goals. As the company moves forward with its plans, it is expected to play a key role in shaping the future of Egypt's real estate market.
Key points
- Adds Developments enters Egypt's real estate market with a 220-feddan land bank.
- The company's first project will be launched in East Cairo.
- Adds Developments supports Egypt's Vision 2030 related to integrated and sustainable urban development.
