Property developer Q Developments announced on Saturday the launch of its business in Egypt’s real estate market.
The announcement was made during a Suhoor party held in a five-star hotel in New Cairo in presence of the company’s officials, investors, success partners, and the press.
Established in 2016, Q Developments is an Egyptian joint stock company. It owns a 50 percent share in Jumeirah Egypt for Constructions, in addition to a 75 percent share in IG Capital and 90 percent in Q Asset Management Companies, Q Tourism Investment Company, and Q Art House Furniture Company.
Mohamed Farag, a board member at Q Developments, said the company was born really big given the rich experience in field of real estate development and contracting that extends for decades.
The company’s investments amount to 9 billion Egyptian pounds ($293.8 million).
“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.” Farag added.
“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.”
Q Developments’ land portfolio is worth 1.2 billion pounds, Farag stated, announcing a plan to launch three projects in the Egyptian market.
The first, to be announced in June, is a coastal project located in Sidi Abdel Rahman area.
The second is a commercial project located in Alexandria with a total investment of 7 billion pounds. The third project is in North Coast, with investments amounting to 2.8 billion pounds.
The company aims to address a large segment of consumers who have real demand, Farag noted, saying that most of real estate developers focus 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.” he said.
In order to meet this demand in the market, Farag said Q Developments was established, to be the first developer to offer a distinguished real estate product that enjoys all the elements that were often limited to luxury projects.
“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.”
Q Developments’ board of directors includes a group of people with extensive experience in real estate business, led by Sami Abdel Rahim Fouad, Hisham Al-Danasouri, Mohamed Farag, and Islam Abdel Hamid. The board of directors of the company is chaired by Ahmed Thabet Gaber.
