Empire State Developments is targeting EGP 5.6bn in contracted sales from its flagship residential project, Upmount, in Egypt’s New Administrative Capital, as the company continues to implement a disciplined growth strategy focused on project execution, financial sustainability, and long-term value creation.
Mostafa Mohsen, Chairman of Empire State Developments, said Egypt’s real estate market has entered a new phase where developers are increasingly measured by their ability to deliver projects on schedule and maintain strong financial management, rather than by the number of new launches.
He added that the company has prioritized completing its ongoing developments while maintaining construction progress without relying on proceeds from new sales to finance existing projects.
El Centro Achieves EGP 1.5bn in Sales
Mohsen revealed that El Centro, the company’s commercial and administrative project overlooking the Central Park in the New Administrative Capital, has recorded EGP 1.5bn in contracted sales, with approximately 97% of its units sold and construction progress exceeding 50%.
He added that the company has retained ownership of the project’s top floor to maximize its long-term investment value through a future sale, leasing opportunities, or operating it as a panoramic restaurant.
Upmount to Deliver 1,100 Residential Units
According to Mohsen, Upmount, located in the R8 district of the New Administrative Capital, includes around 1,100 residential units ranging from 84 to 230 square metres.
The project introduces a modern residential concept featuring double-height loft units, which account for nearly 70% of the development, while conventional apartments represent the remaining 30%.
He noted that the company plans to begin handovers in 2030, adding that most of the first phase, representing around 30% of the project’s total area, has already been sold.
Construction Arm Helps Offset Rising Costs
Mohsen said Empire State Developments has successfully mitigated the impact of rising construction costs by executing building works through its in-house contracting arm and affiliated companies, enabling the developer to reduce execution costs while maintaining steady construction progress.
Real Estate Remains a Strong Investment
He stressed that real estate continues to be one of Egypt’s most attractive investment assets, noting that residential prices in the R7 district of the New Administrative Capital have increased from around EGP 6,000 per square metre several years ago to between EGP 30,000 and EGP 40,000 per square metre today.
Meanwhile, commercial and administrative units are currently priced at approximately EGP 95,000 per square metre, reflecting sustained demand across the sector.
Expansion Plans Target Saudi Arabia and New Egyptian Markets
Mohsen disclosed that foreign buyers account for more than 15% of the company’s total sales, with Empire State Developments planning to strengthen its international marketing efforts, particularly in Saudi Arabia.
The company is also evaluating new investment opportunities in Sheikh Zayed, 6th of October City, and the North Coast as part of its expansion strategy.
Pricing Strategy Based on Market Conditions
Mohsen concluded by saying that the company’s pricing policy will continue to reflect actual construction costs and prevailing market conditions rather than applying fixed annual price increases, ensuring sustainable growth and long-term value for both investors and customers.
