Tabarak Holding for Real Estate Development is marketing its Capital East Residence project at Next Move exhibition, which is being held from 14 to 16 December.
Ali El Shorbany, CEO of Tabarak Holding for Real Estate Development, said the project was launched by the company in February with investments estimated at EGP 900m.
El Shorbany told Daily News Egypt that the company has provided six different and unique payment methods to face the price hikes in the property sector.
“The facilities in payment methods contributed greatly to increasing the demand for the Capital East Residence project where customers got their choices in the easiest way possible. Furthermore, the project provides units completely finished ranging from 84 sqm to 150 sqm to suit the customers,” El Shorbany said. “The project also includes services of planned landscape, walkways, a commercial mall, children’s play areas, and entertainment centres.”
He added that the company is offering its “90 Avenue” project in the Fifth Settlement, New Cairo, which will be delivered in 2018.
He pointed out that the company also offers a wide variety of commercial projects in various projects such as administrative, commercial, and medical units.
He noted that Egyptian developers and investors are strong enough to provide the best and finest projects and compete with international developers, but the real estate market needs cooperation to establish a unified authority gathering the partnerships between real estate companies. He explained that this could be done through establishing an authority to regulate the real estate market and to be subordinated to the presidency.
Furthermore, he stressed the importance of the amendment of all laws governing real estate investment.
“The real estate market still has the capacity to absorb projects because the gap between demand and supply is about 100 million units, as the supply is still less than the demand. Thus, I call the government to adopt a system already used in many countries of the world to allow real estate developers to offer them lands at affordable prices to be developed and achieve the desired boom in the sector,” El Shorbany noted.
“The general developer’s role is in terms of land division in new cities for the purpose of urban development. It comes during the state’s delivery of all the infrastructure works, and then division of land and providing it to the developer at affordable prices in order to create an investment climate suitable for the implementation of construction projects and marketing in order to ensure the desired development,” he said.