Al-Mal Company CEO: Corner Stone Continues to Advance Capital Project and Study Penetration in Complex and North Shore
Corner Stone Real Estate Development Company is looking to expand the size of its projects over the coming period, exploring numerous opportunities in the Fifth Settlement and the North Bank, after successfully selling most of its project units in the New Administrative Capital.
Engineer Ashraf Boulos, the company’s president and chief executive officer, said that 40% of the construction work in “The Curve” project in the new capital has been completed. President and CEO of the real estate development company “Corner Stone”.
He explained – during an interview with “Al-Mal” – that the project is located on an area of 13 hectares, in the eighth district of the New Administrative Capital, which indicates that the number of its units is estimated at 540 divided into 4 residential areas. Through this project, the company wanted to present an architectural product of style and quality.
He continued: “The project is also connected to another project, which is a commercial center on an area of 5,000 meters, with a height of 4 floors, in which we offer units from 80 to 350 square meters.”
He pointed out that the construction process started in the project in the first half of 2019 and managed to reach more than 40 percent of the completed works, noting that 65 percent of the units were sold immediately after the bidding process. .
He emphasized that the company’s sales volume abroad is very large, and the largest part of sales is to Egyptians living abroad, especially in Saudi Arabia and Canada, which indicates the importance of external marketing for projects established in Egypt.
Boulos believes that the city of the new administrative capital has become the center of attention of all countries, Arab or foreign, such as Saudi Arabia, Canada and America, because of the mega projects he witnessed, which were worked on in a short time.
He added that clients abroad have enthusiasm for living and working in the city, due to its elements that contribute to attracting the attention of investors abroad, which is reflected in a good planning process, integrated services and a recognizable location, praising the role of Eng. Khaled Abbas, Chairman of the Board of Directors of Capital Society for Urban Planning, and his efforts in the recent period, especially in terms of easing bureaucratic procedures, which would hinder the development of real estate in the city.
He added that the founders of the company have many years of experience in the Egyptian market, during which they realized many projects internally and externally, which earned them great trust, either on the local or global market, which encouraged them to further expand projects.
He explained that this great experience on the domestic and foreign markets is the result of outstanding projects that we realize in order to meet the wishes of customers, considering that since the very foundation one of the most important characteristics that sets us apart is credibility. and commitment to delivery times as well as specifications to which customers have adhered.
Ashraf Boulos: We welcome efforts to accelerate the pace of licensing in “administrative”
Reacting to the delay in issuing licenses by the Management Capital Company, Boulos said: “We have to recognize the magnitude of the efforts made, but we still have a lot to do in order to reform that system, although what we see heralds optimism for what is to come, especially with the adoption of the Decision on the Government’s launch from there.”
He added that the gathering of licensing agencies in one building in the Capital City, in addition to increasing the number of engineers in charge of audit work, greatly contributed to the faster issuance of licenses, which are the requirements set by Eng. Khaled Abbas, the President of the Management Board of the Capital City, immediately responded to the assumption of office.
And he assessed that the decision of the Management Board of the Capital Company to grant an additional 6 months to investors for submitting projects is a good step, and despite the progress of the construction process well and according to the planned plans, we will try to use this period, especially since the process of communal connection as well as street asphalting not finished yet.
Development companies have not benefited from the financing initiatives and we are looking for more funding for units under construction
Boulos moved on to the government’s decision to stop real estate financing initiatives, given that the vast majority of real estate development companies did not benefit from these initiatives, in light of the existence of one of the requirements for the delivery of fully completed units, citing the existence of a support mechanism companies through financing initiatives of units under construction, since most projects need financing in the first period of project initiation.
We are taking good steps towards achieving sustainability standards in our new business
Regarding the company’s interest in the sustainable development record, Boulos pointed out that the company is taking good steps in achieving sustainability standards, obtaining “LEED” certification, and using some materials that reduce carbon emissions, after approval by the competent authorities and authorities, in light of the government’s efforts in achieving sustainable development in all projects, whether they are state or private.
He pointed out that the company is focusing more on the real estate export file, because there is a demand from Arab countries and foreigners to own real estate in Egypt, but they have some questions, and there must be awareness campaigns and clear data in favor of real estate exports, which indicates that the volume of the company’s foreign sales amounted to one billion pounds.
In order to further support the case, Boulos suggested the need to diversify the offered real estate products by offering different projects that suit the tastes of most countries in the area, as well as by activating the residential program, with sales in dollars, in addition to the adoption of the “time share” system, which is the sale of real estate for a period of 10 days or more per month, especially on the coast.
Regarding the products that Egyptians living abroad want in real estate, he pointed out that the company concluded through numerous participations in international forums that Egyptians always look for housing units characterized by large areas of 350 to 450 square meters. .
He continued: “Most also tend to take advantage of the offers on offer, especially when the unit value is paid for by the cash system, to obtain discounts which can reach approximately 35% of the price.”
Paul felt that the current crisis has revealed a great shortage of materials used in construction, as it is heavily reliant on imports from abroad, even cement which we have relied on as a local product, coal is used in its production, which it is no longer available in Egypt. In addition, it is one of the sources of energy for which we strive to reduce its use, reduce carbon emissions.
As for the company’s plan in the coming period, he confirmed that it is currently studying the realization of a series of projects in several regions, including the Fifth Settlement, providing a residential product consisting of “villas”, in addition to the North Coast region. and a number of other vital areas, especially coastal ones.
He added that we are confident in the implementation of small projects so that the number of units does not exceed 500 or at the latest 600, which allows us to provide a special design, luxury product, top services and 80 percent finished units. and of course this thing has a return on the price value of the unit.
He called for the existence of a partnership with investors, Arab or foreign, during the next phase, considering that this step can only be achieved through the presence of external marketing operations, in light of the difference between the Egyptian product as the lowest price in the world.
We have a good cooperation with the National Bank, and we may resort to securitization or discounting after the delivery of the units of “The Curve” project.
Paul touched on bank financing operations, noting the existence of good cooperation with the National Bank of Egypt, in light of the company’s full commitment and fulfillment of obligations, given that the step of resorting to securitization or factoring operations is currently excluded, indicating that the company could resort to this process after completion of deliverables for projects you are currently working on.
He emphasized the importance of foreign exhibitions in the marketing of projects, noting that his company has recently moved towards greater participation in foreign fairs to market the products it implements in the Egyptian market, since foreign exhibitions are among the most important marketing openings for the company in light of the growing communities of Egyptians in Arab countries. Or foreign countries, perhaps the most famous are Canada, the United States of America, Australia, Europe, France and Italy.
And he continues: “We have seen that the external marketing of Egyptian projects is the best, especially for companies that own projects designed according to international models, in light of the price difference between the Egyptian pound and the dollar in the recent period, which increases the attractiveness of the Egyptian market to become one of the best markets for foreign customers and Egyptian communities.” In a way that increases the benefit of the real estate export system adopted by the Egyptian state and which has recently provided it with some benefits, such as residency, registration and ownership.
The Corner Stone company is one of the companies operating in the Egyptian real estate sector that has a balance of trust among customers, and is currently working on the implementation of its new project, which is called “The Curve”, in the “RM” area right in front of Green River, and nearby the Mohammed bin Zayed axis, the airport, the presidential palace and the ministries, with a built-up rate of 18% of the total area estimated at 13 hectares.
According to what was previously confirmed by the company, handover of the project units, which includes a commercial center, administrative building, large green areas and landscape, along with numerous sports and cultural facilities, is expected in the middle of next year.
Corner Stone Real Estate Development Company was established with a licensed capital of EGP 600 million.