June 25, 2024

Q Developments expands business in Egypt real estate

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Mohamed Farag, a member of Q Developments board of directors. Image Courtesy: Q Developments

Q Developments announced the launch of its business in Egypt’s real estate market during a Suhoor party that it held in a five-star hotel in Fifth Settlement, New Cairo in presence of journalists, the company’s officials, investors and success partners.

Mohamed Farag, a member of the company’s board of directors, said that Q Developments was born really big, as it is a result of experience in field of real estate development and contracting that extends for decades. Additionally, the new company integrates several elements that give it a head start and flexibility in facing market changes.  In the end, all this is in the interest of consumer.

Farag added that Q Developments is an Egyptian joint stock company established in 2016 and owns 50 percentage of shares of Jumeirah Egypt for Constructions, in addition to 75 percentage of IG Capital , 90 percentage of Q Asset Management Companies, Q Tourism Investment Company, and Q Art House Furniture Company.  This collection of companies enables Q Developments to manage investments in various fields, including real estate investment, contracting, tourism investment, trading and manufacturing furniture as well as owning and managing commercial malls. The company’s investments amounted to EGP 9bn.

He disclosed, “The company included in its structure major entities that support its work, namely the presence of a strong construction arm that is equipped and capable of executing all its projects. The presence of a strong construction arm is considered a safety valve because it enables the company to hedge against fluctuations in the prices of building materials and gives us priority in construction and adherence to work schedules as well as timely deliveries.  Having a construction arm with real estate developer is an additional insurance for projects and clients against any fluctuations”.

Farag revealed that the company’s land portfolio amounts to EGP 1.2bn, added that the first project will be announced in June. It is a coastal project in Sidi Abdel Rahman area, then this will be followed by a commercial project in Alexandria with a total investment of EGP 7bn  then this will be followed by a second project in  North Coast, with investments amounting to EGP 2.8bn.

The member of the Board of Q Developments said that the company aims to address a large segment of consumers who have real demand accumulated over the past years, believed that the existed real estate developers focus in their projects on class A clients, or address low-income people with other projects.  There are not enough projects that address the middle-income customers, specifically upper middle-income people, which holds many keys in society.

In order to meet this demand in the market, Q Developments was established, to be the first developer to offer a real estate product that is distinguished in all aspects, and shares all the elements that were only present in luxury projects, with outstanding operational experience offering added value and real value for clients.

The real challenge for Q will be to choose elements of society that we are about to build in each project. Just the ability to pay will not be the goal of the sales team, but the ability to build a harmonious, healthy and unique society that expresses youth and the upper middle-income people is the goal.

The company’s board of directors includes a group of people with extensive experience in real estate market, led by Mr. Sami Abdel Rahim Fouad, Eng. Hisham Al-Danasouri, Mr. Mohamed Farag and Mr. Islam Abdel Hamid, and the board of directors of the company is chaired by Eng. Ahmed Thabet Gaber.

Source

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