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From industrial to residential: Polaris Parks, a Turkish industrial-park developer with active Egyptian projects in the New Capital and Sadat City, has moved into Egyptian luxury residential projects through a new arm, Polaris Homes — launching two Sheikh Zayed projects, Özel Residences and Özel Villas, the company said at a press conference (pdf) attended by EnterpriseAM yesterday. Polaris Homes is targeting EGP 2.5-3 bn in sales from the two projects, with plans to invest an initial EGP 5 bn in boutique compounds over the next two to three years, General Manager Bassel Shoirah tells EnterpriseAM.
Why Egypt, and why now? The Turkish company’s launch coincides with a market correction following inflationary and FX shocks, creating room for new developers. Managing Director Osman Arıkan sees Egypt’s structural fundamentals as strong, claiming that marriage rates alone create demand for 450k housing units annually. The move reflects the company’s conviction that the Egyptian market is one of the best globally and will remain “promising forever” as long as demographic fundamentals hold, Arıkan says, ruling out plans to enter Saudi Arabia, where they are currently partnered with KSA’s Zamil Group.
The funding breakdown: The company plans to self-finance its projects through shareholders without taking on bank loans and aims to deliver the first two projects after 36 months, Shoirah says.
The factory playbook goes residential. In a crowded market, Polaris is focusing exclusively on the 10-50 feddan boutique compound segment — selective, mid-scale compounds in a market dominated by megaproject developers. “People want to know their neighbors and feel safe,” Arıkan says. The developer's experience managing industrial zones with strict regulatory and operational requirements should give it a competitive edge in delivering residential products, the company argues.
What’s next: Polaris Homes will focus on expanding in west Cairo over the next four to five years before moving east, Shoirah says. The company is also keeping its industrial business moving in parallel — planning to unveil the masterplan for its New Capital industrial and logistics park in 4Q, targeting USD 2 bn in investment, while Polaris’s second industrial project in Sadat City targets USD 1 bn in investment and has marketed 15% of its area in its first month, Shoirah adds.
