Beta Egypt to market its first pro­ject in El Mostak­bal City be­fore year-end

All phases and land­scape of Beta Greens pro­ject will be de­liv­ered within 9 months, says Beta Egypt chair­per­son

The Daily News Egypt - - Business - By Shaimaa Al-Aees

Beta Egypt for Ur­ban Devel­op­ment will launch its first pro­ject in El Mostak­bal City near New Cairo for book­ing be­fore the end­ing of the cur­rent year, ac­cord­ing to the com­pany chair­per­son Alaa Fikry.

Fikry told Daily News Egypt that the com­pany is wait­ing for the min­is­te­rial de­ci­sion to start the con­struc­tion process, ex­pect­ing the is­suance of the de­ci­sion within two months.

Fikry added that the com­pany in­tends to im­ple­ment an in­te­grated res­i­den­tial pro­ject sup­plied with ser­vices in El Mostak­bal City with in­vest­ments of up to EGP 5bn over five years.

The pro­ject has 3,000 hous­ing units dis­trib­uted on four phases and in­cludes a neigh­bour­hood con­sist­ing of twin houses and 100 vil­las.

Fikry noted that the com­pany will work to de­liver the first phase of its pro­ject after 36 months from the im­ple­men­ta­tion date.

In April, the com­pany signed a con­tract to de­velop 356,000 sqm (84.7 fed­dans) in El Mostak­bal City, in di­rect agree­ment with the owner of the pro­ject, El Mostak­bal for Ur­ban Devel­op­ment Com­pany.

The com­pany de­signed the pro­ject in a com­pe­ti­tion be­tween in­ter­na­tional con­sult­ing firms to choose the best de­sign.The com­pany aims to es­tab­lish a pro­ject of in­no­va­tive de­signs in the mod­ern ar­chi­tec­tural style, ac­cord­ing to Fikry.

He added that the de­signs have taken a lot of ef­fort and time to come out in a way that suits the needs of cus­tomers.

“The com­pany does not have loans to banks, nor does it in­tend to ob­tain loans cur­rently,” said Fikry. “The cur­rent in­ter­est rate re­sults in losses to the com­pany in case of bor­row­ing and will not achieve a profit mar­gin.”

He pointed out that the com­pany handed over the first phase of the Beta Greens pro­ject,and the sec­ond phase is be­ing de­liv­ered in the cur­rent month.

He noted that within nine months, all phases and the pro­ject’s land­scape will be de­liv­ered.

Fikry added that the com­pany has in­creased units prices with an av­er­age of 35%, ex­pect­ing prices to in­crease again be­fore the end of the cur­rent year, cit­ing the rise in prices of steel and ce­ment as the rea­son.

Re­gard­ing the of­fer of af­ford­able lands by the state in Up­per Egypt, Fikry said the com­pany will par­tic­i­pate im­me­di­ately after the of­fer­ing, in case there are clear con­di­tions and a spe­cific vi­sion for the of­fer­ing.

As for projects in the New Ad­min­is­tra­tive Cap­i­tal, Fikry ex­plained that once good op­por­tu­ni­ties are found, the com­pany will apply.

Beta Egypt Devel­op­ment Com­pany is a real es­tate devel­op­ment com­pany that has been op­er­at­ing for 25 years. The com­pany has handed over sev­eral in­te­grated res­i­den­tial projects in the Egyp­tian market, in­clud­ing Golf Palace and Golf House in Obour City, as well as Beta Gardens, Golf Res­i­dence, and Beta Greens in 6th of Oc­to­ber City.

Newspapers in English

Newspapers from Egypt

© PressReader. All rights reserved.