NEAT Development Enters Egypt's Property Market With EGP 10bn Pipeline
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A new Egyptian developer backed by six founders plans to launch four projects in Sheikh Zayed and 6th of October, with a pipeline of investments approaching EGP 10bn.
NEAT Development has entered Egypt's real estate market as a new company backed by six founders and partners with more than 13 years of experience in developing and executing property projects.
CEO Mahmoud Tolba said the company is initially focusing on Sheikh Zayed and 6th of October, with plans to expand into East Cairo. He said the founders have participated in developing and delivering more than 25 projects comprising over 2,000 residential, commercial, medical and administrative units, with previous sales exceeding EGP 10 billion.
NEAT plans to launch three of its projects in November, followed by a fourth in January. Its strategy focuses on self-financing land acquisitions and starting excavation and construction before launching units for sale, allowing it to show construction progress ahead of commercial launches. Tolba said the company aims to complete and deliver projects within 24 to 30 months of acquiring land, with construction and sales running in parallel.
The pipeline includes Business Lab, a commercial and administrative development near Gezira Sporting Club with investments of about EGP 1.6 billion on 3,500 square metres and a built-up area of 10,000 square metres. A villa-only residential project is planned in Sheikh Zayed's Green Belt at nearly EGP 1 billion on a 14,000-square-metre plot, while El Nozha, opposite Al Ahly Sporting Club, will combine hospitality, commercial and residential uses on 3.5 feddans at around EGP 3 billion, including 80 hotel rooms and 130 residential units.
A fourth project, opposite Sheikh Zayed Specialized Hospital, will combine medical and commercial uses with investments approaching EGP 2 billion. The company is working with Hafez Consultants, Azure Planning and Architecture and SEGMENTS Architects, while Gateway Financial Services has been appointed as its financial and investment adviser.