El-Hekma for Real Estate Investment has finished selling 140 units in its Green Paradise project, located in 6th of October City, according to the company’s sales manager, Ayman Mofeed.
Mofeed added that the project has 215 units, and that the company aims to sell 50 units by the end of the year. This comes under the improvement the sector witnessed since the second half of last year.
The Green Paradise compound is on 21,000 sqm in 6th of October City, including a mall located beside the 215 units. The areas of the units are 110-220 sqm, Mofeed said.
The company offered significant facilities for selling the units by instalments, Mofeed said, explaining. He added: “The unit’s price is between EGP 360,000 and EGP 750,000, and as for the 110 and 115 sqm units, EGP 100,000 are being paid and the rest of the price is to be paid over four years, while the client pays 50% out of the value of the unit that is over 200 sqm.”
Mofeed expects the real estate sector to witness a boom, in light of the state’s announcement of giant real estate projects like the new administrative capital, and the 1m units project that Emirati company Arabtec intends to execute.
He believes these giant projects will attract a lot of labour working in the real estate sector, which will raise the average wages of the workers in the sector. Moreover, these projects would raise the prices of building and construction materials, which is associated with increasing real estate prices.
Although Mofeed expects the prices to increase in the next period, he says that the price growth will run in parallel with growth in individuals’ income, which ultimately will lead the real estate sector to boom.
El-Hekma for Real Estate Investment is specialised in providing residential units for the middle-income sector, according to Mofeed.
He added that the recent competition between the state and the private sector in providing that kind of unit will ensure companies offer more advantages to the customer. The most important of these would be increasing the instalment period to more than three years, or to seven years.
The company hopes, according to Mofeed, to collect all the instalments related to the residential units in the Green Paradise project in 6th of October City before 2018.