ERA for Urban Development will deliver Astoria Park project in 6th of October in February 2019, according to chairperson Magdy Aref.
Aref said the project includes 340 residential units and are developed on only one phase on an area of 21,000 sqm.
Aref added that 85% of the construction has been completed. The units are divided between 160 sqm and 200 sqm for apartments and between 300 sqm and 450 sqm for villas. There is also a commercial area on an area of 3,500 sqm.
Aref told Daily News Egypt that 40% of the project was marketed before the flotation of the Egyptian pound. Therefore, the company will increase the prices of the other units to enable the company to cover the increase in the cost of implementation in this part, which was marketed before implementation.
The initial investment of the project was EGP 250m. The sales volume of the project is about EGP 300m. The project consist of seven buildings and sixteen villas built over an area of 12.5 feddans in a prime location overlooking Zamalek Club and Cosmic Village.
In addition, the artificial lakes, lagoons, and green spaces account for 80% of the project’s total area. The services include walking and bike tracks, solar lamp posts, garages, security, maintenance, security cameras, and a mall.
“The increase in the cost of implementation was 60% in some projects. The increase that real estate companies did not add completely on selling prices because of the inability of the market and customers to pay this increase,” Aref noted. “The company increase prices by 25% after the flotation, reflecting the funding gap that the developer face,” he added.
RRA for Urban Development was established in 2002, and the company developed several projects include Hai Almontaza, Wahet Zayed 1 and 2, and Quattro Mall, besides developing Astoria Park.