Gates Developments, a leading real estate development company, announced that it has achieved a real breakthrough in the real estate market over the past few months. The number of its projects has reached 9 diverse projects in West Cairo, the New Administrative Capital, and Ras El Hikma. This certainly proves Gates Developments' proficiency and ability to have a strong presence in the Egyptian real estate market and leave a clear mark through the significant steps it has taken over the past 18 months. These include launching 4 new projects: GATES PRIVE, Space Commercial Complex, and Gates Lugar in West Cairo, in addition to the distinctive Lyv Caesar project in the Ras El Hikma area on the North Coast. Moreover, the company has achieved sales of EGP 12 billion out of 15 sales targets for 2024. Mr. Hassan Nasr, CEO of Gates Developments, expressed his happiness with the significant steps the company is taking as part of its expansion plan and its desire to offer distinguished real estate products in the most leading investment areas in the country. He stated: "At Gates Developments, we aim to work through a well structured plan and realistic market studies, which has enabled us to develop projects capable of meeting client needs and requirements that have become completely different from before. At the same time, these projects are able to compete strongly and achieve the company's profit targets and investment plans."
The CEO of the company continued: "During the recent brief period, we were able to launch more than one new project, The Lyv caesar project stands out the primary among them, the jewel of our projects in the Ras El Hikma area, one of the most important promising investment areas in the country and a destination for Arab and foreign investors. Thanks to our extensive experience and our track record that has made us trusted by our clients, we were able to achieve record sales exceeding EGP 8.7 billion from the project during the first months of its launch. This was a real motivation for us to exert more effort in the construction work of the project to meet the needs of our clients, who confirmed to us the extent of their satisfaction with all the projects offered by the company through the real and increasing demand for the Lyv Caesar project. The Lyv Caesar project is located at kilometer 200 in the Ras El Hikma area, in partnership with Pibic development, the landowner. It spans an area of 206 feddans (approximately 213 acres), with investments exceeding EGP 40 billion. The project consists of a variety of residential units including chalets, townhouses, twin houses, and villas of various sizes,and it also features a sandy beach about approximately 400 meters, as well as lakes and water features covering an area of 55,500 square meters. Additionally, it includes multiple swimming pools, children's areas, a club, a gym, and a high-end tourist promenade. The company has prioritized the completion and opening of the Esca Beach Club to welcome the public within a limited period, demonstrating its commitment to providing the best services to its clients. The project also includes the Lyv Boutique Hotel, which consists of 32 luxurious hotel cabanas. This project showcases Gates Developments' commitment to creating comprehensive, high-quality living spaces that combine residential units with leisure and hospitality facilities in a prime coastal location. Hassan Nasr continued: "We didn't stop there. Our journey continued with steady steps across various company projects in West Cairo and the New Administrative Capital, the new capital of the republic and one of the most important modern Egyptian national projects. We believe in the importance of providing high quality real estate products in various key locations and being a strong contributor to the urban development journey that the Egyptian state began in 2016. We have made significant progress in implementation and construction across all company projects despite the challenges we faced recently, such as the rise in building material prices and project costs by more than 60%. However, at Gates Developments, we are preparing to deliver several projects in the coming few months, in West Cairo and the Administrative Capital." The company is set to begin delivering 4 projects during 2024 and 2025, after completing construction work that adhered to quality and excellence standards, and applied the highest sustainability and sustainable development criteria. The CEO of Gates Developments said that it is scheduled to deliver all units of the Audaz Mall project in the New Administrative Capital, in one of the most vital locations in the Financial and Business District. The project covers an area of 4 feddans with total investments of EGP 2.3 billion and includes 751 units. The company has finished delivering more than 90% of the units, amounting to 697 units, with 10% remaining, which is 54 units. These will be delivered, and the project will be fully operational by the end of the current year 2024.
This information highlights Gates Developments' commitment to timely project delivery, their focus on quality and sustainability, and their significant presence in key development areas like the New Administrative Capital. It also demonstrates their ability to navigate challenges in the construction sector while maintaining progress on their projects. In the same context, the CEO of Gates Developments indicated that next year, 2025, is also scheduled to mark the start of delivering several of the company's projects in the New Administrative Capital, where construction work is nearing completion. The company has completed 35% of the construction work on the Venia project, with delivery expected to begin in 2026. Venia is a residential project built on an area of 40 feddans (approximately 41.6 acres) in the R7 district. The project, with investments totaling EGP 2.8 billion, includes 896 units comprising, Villas ranging in size from 500 to 1000 square meters, Apartments with areas ranging from 136 to 222 square meters,A commercial mall. As for the Catalan project, it is expected that the current year 2024 will mark the beginning of its delivery, with delivery operations continuing until 2025. This comes after the completion of 85% of the construction work. The project is being built on an area of 40 feddans in the R7 district of the New Administrative Capital, with total investments of EGP 2.25 billion . The project includes 841 residential units varying between villas, apartments, and duplex units, in addition to the Catalan commercial mall. Speaking about Gates Developments' projects in West Cairo, Nasr confirmed that the company places strong focus on its projects in this promising area. The company is developing several residential projects there, including the Gates Lugar project, which spans 63 acres in the New Zayed area with investments exceeding EGP 9 billion. Negotiations are underway to acquire an additional piece of land to expand the project's area to 100 acres. The project is strategically located just minutes from Sphinx International Airport, offering direct access to the Dabaa – Rod El Farag axis, Cairo – Alexandria Desert Road, and Dahshour Road. Additionally, the company owns the GATES PRIVE project, where construction is progressing swiftly in its first and second phases. The company is preparing to deliver the first phase by the next year, 2025, a full year ahead of the scheduled delivery date. The project covers 17 acres with a total investment of EGP 2.5 billion and includes a commercial mall spanning 12,000 square meters. And for the other projects of Gates Developments, particularly the commercial ones, the company is developing the Space Commercial Complex, which is one of the most important commercial, administrative, and medical projects in West Cairo, located on the main axis in Sheikh Zayed. It covers an area of 6 to 8 acres with total investments of EGP 6.4 billion. The company has also announced the completion of all construction work for the Espana Plaza project, a commercial mall situated on 4 acres in Sheikh Zayed, with total investments reaching EGP 1.5 billion. The mall has been fully delivered and operational and is among the most highly occupied and popular malls in the area, featuring 150 units ranging in size from 40 to 100 square meters. Additionally, the West Gate project, located on 4 acres in the heart of 6 October City, with total investments of EGP 1.45 billion, includes 190 units ranging from 85 to 300 square meters. The project has been fully delivered, with 55% of the units operational in the first quarter of 2024. Gates Developments continues its journey towards achieving greater successes with expansions and future projects aligned with its ambitious growth strategy, showcasing the company's capabilities, significant potential, and the expertise of its developers in the real estate sector.
