Investment Research

A well-established real estate developer: Al-Shams Housing & Development [ELSH] has been serving the Egyptian market since 1946. It began its operation by renting its own units and later started selling, offering affordable housing with reasonable payment terms. Diversified portfolio: ELSH has seven landmark projects and two active developments, namely Gardenia in the Sixth of October City and Solana which will be built on the land it recently acquired in the New Administrative Capital. As of now, Gardenia is almost fully developed with an inventory of 470 units left for sale under a 10-year payment plan and is offered for immediate delivery. Solana, which is set to launch in 2021, is ELSH’s first project to be sold completely off-plan. At a cost of EGP2.2bn, we estimate Solana will generate revenues of c.EGP3.6bn