The Arabia Group for Development & Urban Progress is set to continue the Galleria Moon Valley project, which the company launched in 2013, Tarek Shoukry, the company’s Chairman told Daily News Egypt.
The project is planned to be constructed over seven stages, whereby it will include a total of 1,800 housing units, and will extend over an area of 71 acres.
Two phases were already launched last year (with 300 housing units each); two others are to be open for reservation this year, and the final three stages will start and be open for reservation in 2016.
All the units of the first phase of the project have been sold; whereas only half of the units in the second phase got sold.
According to Shoukry, only 150 units, or half the second phase, was offered for reservation, and the rest will be offered this year.
The units of the two new phases include regular and duplex apartments, with areas that range from 120 to 350 m2.
Concerning the prices that were previously issued last January, Shoukry stated that they started at low rates, where they began their offering at EGP 5,000 per metre.
This year, however, prices have been raised to reach around EGP 8,000 per metre for apartments.
Shoukry said that prices for properties have generally increased in late 2014, due to a rise in the prices of building materials, as well as the high prices of lands offered in auctions.
Additionally, Ehab Galal, project manager at Sawa Company for real estate marketing, told Daily News Egypt that prices for apartments in New Cairo could range from EGP 4,500 to EGP 6,000 per metre.
He also noted that even higher prices are offered according to the location of the apartments and the services provided around them.
He further claimed that the prices of apartments have increased in 2014 by approximately 15%, and he expects them to rise in 2015 to reach around 25%.
He also said that with the price increase, demand was not negatively affected, and that it has even increased because the area is well planned and constructed. He added: “The state provided great attention to this zone.”
Moreover, Shoukry said that he expects the prices of properties to grow by 25-30% in 2015, saying: “If someone wants to invest in real estate, then today is better than tomorrow.”
Shoukry further noted that the units that have been reserved in 2014 will be received by buyers in 2016, while the ones that will be reserved this year will be provided to customers in 2017.
He further noted that the units that were reserved in 2014 will be provided a year earlier than the expected date, which was supposed to be 2017.
The Galleria project represents a new luxury community that pays special attention to fine art. Buildings at the residential community will display works of art by famous artists, with decorative art placed in school buildings located throughout the community.
Residents will have access to facilities and services, including six swimming pools, botanical gardens and children’s playgrounds, which cover around 45% of the compound, and the compound’s lighting system will be operated using solar energy.
A commercial mall that is also being constructed by the company is 95% complete, and is expected to open in the second quarter of 2015, Shoukry said.
The mall is located at Road 90 in New Cairo, with a total space of about 25,000 m2.
Arabia Group has been in the market for 25 years, and is a property developer in Egypt, Austria and Dubai. The group has launched other luxury property projects including “Moon Valley 2” twin houses, as well as “Arabia” in New Cairo.