Empire State Developments is aiming to generate EGP 5.6bn in sales from its Upmount project in New Capital, as the company pursues a disciplined growth strategy that prioritizes execution, liquidity management, and long-term sustainability amid shifting market dynamics.
Mostafa Mohsen, Chairman of Empire State Developments, said that Egypt’s real estate sector has entered a new phase where developers’ competitiveness is increasingly determined by their ability to deliver projects on time and maintain sound financial management, rather than by the pace of new project launches.
He added that the company has deliberately focused on completing its existing developments and sustaining construction progress without depending on cash inflows from new sales to finance ongoing projects.
He noted that El Centro, the company’s commercial and administrative development overlooking the Central Park in the New Capital, has achieved EGP 1.5bn in contracted sales, with approximately 97% of its units sold and construction progress exceeding 50%.
The company’s chairman pointed out that Empire State Developments has retained ownership of the project’s top floor to maximize its investment value, either through a future sale, leasing it out, or operating it as a panoramic restaurant.
Mohsen said Upmount is a residential compound located in the R8 district of the New Capital, comprising around 1,100 residential units ranging in size from 84 to 230 sqm.
The project introduces a modern concept of double-height loft units, which account for about 70% of the development, while conventional apartments make up the remaining 30%.
He announced that the company expects to begin handovers in 2030, added that most of the first phase, representing around 30% of the project, has already been sold.
Mohsen said the company has successfully mitigated the impact of rising construction costs by executing building works through its in-house contracting arm and leveraging its affiliated companies, helping reduce execution costs while maintaining steady construction progress.
He disclosed that real estate remains one of Egypt’s most attractive investment assets, explained that residential unit prices in the R7 district of the New 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, prices for commercial and administrative units have climbed to approximately EGP 95,000 per square metre.
Mohsen also revealed that foreign buyers account for more than 15% of the company’s total sales, with Empire State planning to expand its overseas marketing efforts, particularly in Saudi Arabia. At the same time, the company is evaluating new investment opportunities in Sheikh Zayed, 6th of October City, and the North Coast.
He concluded that the Empire State’s pricing strategy will continue to reflect actual construction costs and prevailing market conditions, rather than relying on fixed annual price increases.
