Elite Real Estate Consultancy is launching a new project in the New Administrative Capital on an area of 14 feddans with initial investments of EGP 1bn, according to Managing Director Ali Gaber.
Gaber said the project is scheduled to be contracted with the New Administrative Capital Company during 2018.
He added that the project will include residential and commercial activities. The area of the residential part is about 118,000 sqm, and the project includes about 11,000 sqm dedicated to the implementation of a commercial area.
Gaber revealed that his company is planning to sell a large proportion of the project, while the rest of the commercial space will be rented to ensure renewable financial revenues for the company.
He pointed out that the project is scheduled to be launched during the second quarter of the current year, which will be implemented and marketed over three phases.
“In addition, the project will be marketed in parallel with the launch of the project. Furthermore, it is scheduled to pay 20% of the value of land when contracting, equivalent to about EGP 54m,” Gaber said.
He stated the company will provide payment facilitations at the launch of the project, in addition to implementing a distinct marketing plan targeting local clients and Egyptian clients working abroad through participating in internal and external exhibitions.
Gaber also stressed the importance of exporting real estate to foreign clients who will benefit from the Egyptian pound depreciation against the dollar following the government’s floatation decision.
The company launched its project “Core” earlier this month with targeted sales of EGP 130m, 5% of which was marketed within a week. The project includes commercial and medical activities, on an area of 1,700 sqm in New Cairo, with a rental area of 4,000 sqm. The project is being implemented and its final stages are well underway.