FUD Development launches O|Kardia with EGP 3bn investments

Four U Development (FUD), one of Al Batal Real Estate Investment Group, announced the launch of its flagship project O|Kardia in New Obour City, with total investments amounting to EGP 3bn, as part of the company’s ambitious expansion plan to diversify its investment portfolio in real estate market.

Chairperson of FUD Development Reda Karas said that the company began its business in real estate market 24 years ago and expanded in Obour and Shorouk cities, and during that period it succeeded in developing many projects, including residential, educational, and commercial projects.

In press conference, Karas stated that his company has succeeded in pioneering educational field at Ramses International School, which used the latest techniques and advanced technology in education in the world. Accordingly, the company has decided to expand by developing an integrated residential project in Obour city.

He highlighted high volume of demand for integrated projects in New Obour city.

He pointed out that O|Kardia is a residential, commercial and administrative project, and is located in the most prestigious areas of the city on 10 acres in New Obour City. It is the first project to obtain a ministerial approval before its official launch on the market for customers. It is planned to complete the project and begin delivering it within 3 years. The company aims to introduce a unique and exemplary project.

He noted that the company is keenness to develop the project with the highest levels of quality and in accordance with the announced designs, stressed the importance of pricing in supporting the companies’ plan to construct their projects during the current period.

He further elaborated that the accurate pricing must take into account the cost changes, which enables the company to complete the project and deliver it on time.

He disclosed that FUD has a unique vision based on creativity, continuous work, and seizing various investment opportunities that meet customers’ aspirations. The company also seeks to provide exceptional real estate products that take into account needs of local customer and at the same time take into consideration developments in global market.

Since its inception in Egypt’s real estate market, the company has adopted a business strategy based on planning and continuous study of the market, he said, added that the company plans to launch three new projects during the first half of this year, including a project in Shorouk City. The FUD aims to achieve the greatest degree of diversity in its project portfolio.

He added that FUD aims to reach an investment portfolio of EGP 6bn, which is based on an ambitious expansion plan that achieves diversity in the company’s projects and locations. The company aims to expand in New Administrative Capital and New Cairo, in addition to one of the coastal cities. This comes in light of comprehensive urban renaissance that Egypt is currently executing, which provides various investment opportunities for all local and foreign companies.

Chief Commercial Officer at FUD Development Mohamed Nassar said that pricing is one of the elements that is being focused on in the new project, so that the pricing is realistic and commensurate with customers purchasing power and at the same time takes into account the change in construction cost, which requires strong market studies.

The total volume of the company’s investments in real estate market currently amounts to EGP 2.5bn, which includes developing 525 residential units and 106 administrative, commercial and medical units. The company is also currently studying new investment opportunities to achieve the greatest degree of diversification, and aims to expand in coastal cities and Upper Egypt, according to Nasser.

He revealed that the company intends to launch a new project in coastal area in 2026, added that investment in the New Administrative Capital is one of the axes of the company’s expansion plan, especially in light of the transition of life to the project after the move of the ministerial headquarters and the presence of more than 40,000 employees currently working there.

He concluded that property is a safe haven for investment and capable of competing with any other savings pools, consequently customers went to buy real estate during the previous period to preserve their savings.