Interview with Ahmed Mustafa, CEO of Karma Real Estate Company

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Karma Real Estate Co. to pump investments worth EGP 1bn

We are carrying out a bundle of residential projects worth EGP 120m

The company has carried out 20 projects since its establishment in 2014

51% of the company’s shareholders are Egyptians, the rest are Kuwaitis

By Mahmoud Hammad


Engineer Ahmed Mustafa, CEO of Karma Real Estate Company, said that the company aspires to pump investments worth one billion Egyptian pounds in a touristic  project at the Northern Coast, located on 66 thousand square meters, adding that the implementation of the project is to start during the first half of 2017, via a self-finance that is to be pumped within a period of 5 years. He has further added, in an interview with The Middle East Observer (MEO), that the company has launched «Karma Trio» project at an investment cost up to EGP 40 million, with target sales up to EGP 55 million. The Company, also, seeks to implement a bundle of housing projects worth EGP 120 million. Since its establishment in 2014, he highlighted, the company has carried out around 20 projects, pointing out that the structure of the company is divided between 51% of Egyptian investors, while the rest are Kuwaitis.

 

Could you tell us about «Karma» Company and its structure?

Karma Real Estate Co. was founded in 2014, consisting of 51% Egyptian investors and the rest are Kuwaiti nationals.

Since its establishment in 2014, it has carried out 20 projects over spaces ranging between 500 and 1000 meter per piece, composed of separate buildings in New Cairo City, including units with spaces that start from 103 meter per unit, and 400 meter for duplex villas.

What is your marketing plan to attract customers?

Karma Real Estate Co. seeks to provide unique and integrated real estate services, enabling customers to choose a luxury residence easily without any large burdens, with affordable prices that meet their needs. These services are being provided through a variety of architecture models, combining accuracy of implementation and the beauty of form and construction, in order to help clients to pick whichever suits their tastes and needs, located in the finest and most beautiful new urban areas.

What is your vision for developing the real estate’s activity system?

Our vision is to contribute in developing the system of the real estate business, which is based on trust and mutual respect between all parts, through the provision of modern housing that meets the desires and expectations of various customers, according to their possibilities and needs. Also, we are looking forward to improving and developing real estate investment sector via providing a premium real estate service, as well as applying the highest standards of quality at work, review, analysis and ongoing development of performance.

What about Karma’s

 latest projects?

We launched “Karma Trio” Project, a new residential compound in the 5th settlement of New Cairo, located on 1.500 square meters. The project includes 30 housing units of varying sizes, ranging between 132 square meters and 235 square meters, in order to meet all customers’ needs.

How much is the investment cost for this project?

Karma Trio Project’s investment cost amounts to around EGP 40 million. The Company is to start its implementation during the first half of 2017, aiming to achieve sales up to about EGP 55 million.

In the midst of the current economic developments we are witnessing, do you think pumping new investments may be hindered?

The company continues pumping investments package in Egypt, so that we could benefit from the country’s economic developments, which is mainly aiming at supporting business community.  Meanwhile, Karma Trio, our latest real estate project, has been launched mainly to meet the customer’s aspirations to get a distinct accommodation at reasonable prices.

What do you think of the current real estate price hikes?

Out of our keenness to provide units with competitive and attractive prices, Karma Real Estate Co. kept the sale prices for its units unchanged, despite the fact that many real estate companies are tending towards raising the sale prices of their units in light of the rising prices of construction materials upon the devaluation of the Egyptian Pound against the Dollar in the aftermath of floatation decision.

Are there any new residential units you plan to implement?

Karma Real Estate Co. works on carrying out a bundle of housing projects at premium levels worth EGP 120 million, composed of separate buildings in the 5th Settlement. It includes 300 residential units, with spaces ranging from 103 to 325 square meters.

Are there any intentions to pump new investments in the coming period?

Definitely, Karma Real Estate Co. seeks to pump investments worth one billion Egyptian pounds in a tourist project at the Northern Coast, located on 66 thousand square meters. The establishment of the project is to start during the first half of 2017, with a self-finance that is to be pumped within a period of 5 years, the duration of its implementation.

Recently, the company has purchased a land in Mersa Matrouh Governorate. Thus, the Department of Engineering Consultation at the company is handling the designs’ preparations and feasibility study in preparation for the start of its implementation. It’s worth mentioning that the Northern Coast Project is one of three projects planned to be implemented next year. Noting that the projects include a residential one at Sheikh Zayed, located on 66 thousand meters, whereas the other project is located in 6th October City, on the same space as well.


 

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