SAM Developments starts construction on 90 Gate mall after selling out first phase
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Egyptian developer SAM Developments has begun construction of its 90 Gate mall after selling out the project's first phase, with excavation and retaining-wall works due to start as the company pushes back on talk of a broad market slowdown.
Egyptian developer SAM Developments has moved from launching to building its 90 Gate mall, saying the first phase of the project has been sold out and that excavation and retaining-wall works are scheduled to begin as part of initial construction activities.
Samer El-Beik, founder and chairperson of SAM Developments, said the shift from launch to implementation reflects the company's focus on execution, quality and adherence to its commitments.
Commenting on recent presidential directives covering the review of contracts between developers and customers and adherence to delivery schedules, El-Beik said clearer and more balanced contractual relations would help protect buyers and strengthen confidence in the real estate market. He added that a stronger sector depends on developers with the financial capacity, experience and technical capabilities to meet their obligations, and that companies with genuine execution capabilities would benefit from a more regulated and transparent market.
El-Beik also rejected claims that the Egyptian real estate market is in a full-scale slowdown, describing the current period as one of shifting priorities and greater selectivity among buyers and investors. Demand for property remains, he said, but customers are paying closer attention to a developer's track record, project location, product quality, execution capacity and investment value.
He expects the market to see greater stability and gradual growth, with competition increasingly based on product quality, delivery commitments and added value rather than on the volume of launches and marketing campaigns.