Egyptian developer First Group has announced the launch of its latest development, Silva, located in Sheikh Zayed city, west Cairo, with approximately EGP 2bn investments, according to CEO Basheer Mostafa.
Mostafa said the project, set to be developed in two phases over 40 feddan, will feature only residential villas, with each phase to be constructed on an area of 20 feddan. He added that the expected investments for the first phase will be about EGP 800m.
He elaborated that the engineering designs for the project have been completed, and that the company plans to begin construction works in the second quarter (Q2) of 2021. The project will be constructed over a period of three years, with payment plans for customers extending up to 10 years
The company intends to launch the second phase of the Kazan Plaza mall on an area of 12,000 sqm. The mall, of which the first phase is currently being delivered, encompasses commercial, administrative and medical units, and is located next in front of Mall of Arabia in 6th of October City, Bashir noted.
He added that the company decided to start work on Kazan Plaza 2 following the completion of Kazan Plaza’s sale and lease.
Bashir revealed that the construction works on the mall’s second phase would begin early next year, with total investments of EGP 800m. He noted that the company is currently working on gaining the Kazan Plaza 2 building licences.
He further explained that the company is currently developing the12,000 sqm Kaya Plaza Mall, also in 6th of October City, which includes commercial, administrative and medical units.
“We have completed more than 50% of Kaya Plaza’s concrete work, with the project set to be completed within a year to be delivered by the end of 2021,” he said.
Regarding the latest developments in First Group’s most prominent project, KENZ Compound, Bashir said that the company has nearly completed construction of the project’s fourth and final phase.
The KENZ compound is located directly on the Fayoum Road in October Gardens, on an area of 30 feddan. The company is currently completing the delivery of telephone and gas services to the project, with the development’s full delivery set for June 2021.
First Group is negotiating with some Egyptian banks on mortgage finance provisions for the rest of KENZ Compound’s units, which constitute 25% of the project’s fourth phase, he disclosed.
Bashir noted that the company has achieved only 45% of its targeted sales in the first half (H1) of this year, and is expecting to reach 75% of the target by the end of the year. These figures confirm that the company’s projects will not be affected by the gap between achieved and targeted sales, with no delays in delivery schedules anticipated.
Accordingly, the company has provided clients with new payment facilities to boost sales and ease procedures, he added.
Bashir explained that the company has provided its new clients with an offer of paying a 25% down-payment and commencing with instalments on the purchased unit in 2021. In addition, the immediate delivery of units has helped considerably in returning the sales rates to their normal levels.
He revealed that First Group will consider obtaining land in the NAC on which to develop a residential compound with integrated services in H2 of 2021.
“Creativity lies in the design, which should be committed to and determined by construction requirements of each project and the agreed-upon determinants,” Bashir said. “However, some changes may be made in the real estate unit itself, such as taking into account ventilation and abandoning closed glass in commercial and administrative buildings, considering the entrance of sun and air and expanding windows in housing units. In housing projects, fitness and gym areas may be moved outdoors to let clients breathe fresh air and enjoy the sun.”