Upturn Real Estate Development has launched the Upmood project for reservation.
Mossad Al Shenhab, vice chairperson of the board of directors of the company, said that the project is located on an area of 1,500 sqm in the Fifth Settlement, also commonly known as New Cairo. It includes a clinic complex with areas of 40-70 sqm, besides allocating 1,000 sqm dedicated to business activities.
Al Shenhab added that the company started the construction of the project and will be handed over the next year.
Moreover, he noted that 80% of the project’s units are for sale and the rest for rent, and the expected completion of marketing for it will be within months.
He pointed out that the company is developing another residential administrative project at El Tessen Street in Fifth Settlement. Upturn Gold project is being built on 800 sqm and includes four duplex units for administrative activities and the same units for residential purpose.
Additionally, he revealed that the company intends to deliver the project by the end of 2019.
The company is developing three separate buildings on 1,000-1,400 sqm, including 45 residential units, which will be delivered over two and a half years. The company also has completed development of four buildings and is offering a similar number of buildings during the current year, according to Al Shenhab.
He pointed out that the company is interested in expanding in New Cairo by investing in separate buildings, which requires huge investments in case of multiple projects, but the demand rate on these projects is high.
Meanwhile, Al Shenhab elaborated that the number of untapped small plots of land in New Cairo is large and provides good investment opportunities for companies that develop separate buildings for many years.
He said that the company studied investing in the New Administrative Capital, as it is considered as one of the best investment opportunities at the moment and has received the attention of a large number of developers in a short period of time, but the development of projects in the capital requires the provision of large liquidity for implementation, and price of land and the pressure of implementation rates requires further study.
Al Shenhab noted that the company is interested in selling units of its projects abroad, which represent about 30% of its sold units, which vary between Egyptian expatriates and Arab clients who prefer projects with a prestigious level, such as Upturn Gold project.
He explained that the company plans to promote a greater rate of its projects for this category during the coming period.