SED Logs EGP2.6 Bln Sales, Beats Coronavirus Slump

Saudi Egyptian Developers (SED) has logged LE2.6bn sales out of Sawari New Alexandria Project in the first half of this year, beating Coronavirus-induced slump.

Of these, up to LE1.8bn sales were recorded in just three days, signaling an unmatched feat in Egypt's real estate market.

“There’s a successful strategy lying behind the outstanding sales that SED posted during this trying time,"  the head of Commercial Division at SED Mohmed Abd El-Hafez said.

“Also, these sales demonstrate that Egypt's real estate sector is rife with real investment opportunities and resilient enough to pass through challenges," he added.

Abd El-Hafez also elaborated that the sales were for 197 villas in the first phase of the project, noting that without tapping any marketing firms, SED's Sales Division achieved these sales.

"Conversely, marketing firms took charge of promoting other residential units that were put up for sale previously," he maintained.

New Alexandria is located on the western desert extension of Lake Dairout behind Alexandria Carrefour, about 6 km from the center of Alexandria.

Sawari New Alexandria Compound is built on an area estimated at 417 feddans.

SED is an example of a successful partnership that tied Egypt's Ministry of Housing with the Saudi government over 44 years, during which 45 projects, constituting 24,000 housing units, were executed nationwide.