Eastern Developments launches Genova in Sheikh Zayed at EGP3bn investments
Abu El Nasr: National Projects incentivized developers to pour in more investments
Hisham El Fouly: Up to EGP1bn to be generated out of sales during 2021 … competition at West Cairo drives developers to introduce varied property products
Magdy Matter: Engineering designs finalized… first-phase constructions to start this year
Eastern Developments is set to launch its new Genova residential project this month in Sheikh Zayed City with investments worth EGP 3bn.
Eastern Developments Chairperson Mohamed Talaat Abu El-Nasr said that the project spreads over an area of 20 acres, and that the project masterplan has had all approvals issued.
At a press conference on Sunday, Abu El-Nasr also said that the company will begin construction work on the compound this year.
He added that Eastern Developments plans to pump EGP 100m into construction works during 2021, and that it has begun earthwork on the site.
Abu El-Nasr said that the company has developed an expansion plan for a package of new projects located in west Cairo during the coming period. The company already has a land bank that enables it to develop more projects in that region.
“Egypt’s national projects, currently under construction, encourage investors to pour in more investments and search for investment opportunities while Ministry of Housing and Utilities, as embodied in New Urban Communities Authority, strives to remove obstacles hindering new developers.”
The investment environment in Egypt has changed, as current regulations provide investment opportunities and mechanisms fitting all segments of developers, and foster the creation of more urban communities, incentivizing local and foreign investors to enter the real estate sector, he noted.
Competition at West Cairo is becoming intense with the customers maintaining a growing propensity to compare between real estate products, he noted, adding that the company seeks to provide an upscale real estate product through perfecting all stages of production starting from constructions to delivery.
On the same vein, Hisham El Fouly, Head of Sales at Eastern Developments, said that the Genova compound includes 768 residential units with areas ranging from 126 sqm to 220 sqm. He added that that the company has a target of generating EGP 1bn in sales from the project in 2021.
El Fouly also said that the project’s marketing plan has been prepared to include various payment mechanisms commensurate with the purchasing power of customers.
This includes payment systems extending to 10 years with a 10% down payment, in addition to guaranteeing a resale profit of no less than 5% annually and 25% for renting serviced apartments.
The project provides a plethora of commerce, leisure and service activities, as it includes a social, cultural and hygiene club spreading over an area of 8000 sqm. The club runs a gym, spa, a commercial mall consisting of banks, cafes, restaurants, medical center, lanes for running and riding bicycles, as well as units for generating electricity from solar cells. Also, the project provides My Genova, an application for ordering foods, indoor maintenance and hotel-like amenities.
MagdyMatar, general consultant at the Genova project, said that the developments’ engineering designs were made to suit all customer tastes, and first-phase constructions are due to kick-start this year.
The designs utilize the entire unit space, in addition to distributing housing and service units over the entire area of the project to make Genova an integrated project that includes all activities and services.
