Grand Plaza for Real Estate and Tourism Investment injected EGP 5bn investment in La Mirada El Mostakbal, of which EGP 1.5bn was for the land price. and EGP 3.5bn was for the implementation process.
Grand Plaza CEO Sherif Osman told Daily News Egypt that the company is targeting to achieve EGP 800m in sales from the La Mirada El Mostakbal project by the end of the current year.
The project includes five phases and is extends over 77 acres in Mostakbal City, near New Cairo.
Osman said that the company has completely sold the fifth phase, which comprises of 1,050 units to the Housing and Development Real Estate Investment (HDRIC) company, one of the Housing and Development Bank’s companies.
Grand Plaza has also sold 300 units in the project’s first phase, out of 456 units, Osman indicated, adding that the second and third phases have not yet been marketed.
The company has exhibited the project’s fourth phase which includes 46 townhouses in the Next Move exhibition which took place on 18-20 October, mentioned Grand Plaza’s CEO.
Additionally, he revealed that his company targeted achieving EGP 100m in sales from the exhibition.
Grand Plaza had provided special offers for customers, and a 5% discount on its units only during the exhibition period, stressing the exhibition’s importance as an internal platform to present the available projects in the market, Osman expressed.
“We intend to deliver the first phase of the La Mirada El Mostakbal project in 2021,” Osman disclosed, and elaborated, “for the very first time, we are exhibiting townhouses in real estate exhibitions”.
He noted that the company obtained the ministerial approval for the project in February, in addition, the company also received construction permits for the first phase.
Regarding La Mirada New Cairo, Osman said that the company will complete the implementation of the project by the end of 2019, noting that about 95% of the project has been implemented so far.
La Mirada New Cairo is located on an area of 92,000 sqm, and includes 25 residential buildings, a sports club, and a shopping centre. Furthermore, 100 families have already moved into their new homes there, declared Osman.
“The company has marketed 97% of the project. The commercial centre is being built on an area of 4,000 sqm and is comprised of 80 units. The concrete structure will be completed by the end of next month, and will be operational by next year,” Osman described, further adding that a “sewage treatment plant, internal water networks, and a water station have been provided to serve the project customers, which is a distinctive architectural footprint in New Cairo city.”
Egypt’s real estate market is very large and needs further projects due to the great demand on property, and competition will be on high quality products, divulged the CEO.
Furthermore, Osman believes that there is no real estate bubble, but stagnation in the market may occur as prices increased and purchasing power stabilised.