Al-Shennawy Group (SG) launched its first real estate project, FINSQUARE, in the Financial District of the New Administrative Capital (NAC) with EGP 500m in investments.
In a press conference, Founder and Chairperson of SG Farag Al-Shennawy said that the NAC is one of the fourth-generation cities that receives great attention from the Egyptian state.
“We are all witnessing the growth volume and speed of the transformation at the NAC, which makes it a destination worthy of investment and offers promising opportunities and returns as much as it offers solutions for those who favour moving to a smart and sustainable city,” Al-Shennawy added.
He noted that the company launched FINSQUARE at the NAC’s financial district in plot CS11, which has a total area of 6,000 sqm and 12,500 sqm of built-up area.
Furthermore, he pointed out that SG is cooperating with Inversion, Archrete Design Studio, and VIM33 Consulting Studio to plan, design, and market the project, respectively.
Al-Shennawy explained that the company has already started laying the foundations and plans to deliver the project within two and a half years.
He also disclosed that FINSQUARE Boutique Workplaces is the company’s first real estate development. Consequently, SG aims to expand the execution of commercial projects and residential projects inside and outside the NAC, especially with the diversity of investment opportunities that the state is currently offering within many fourth-generation cities throughout Egypt.
Egypt’s real estate market prices — especially in the NAC — are expected to increase at a minimum of 25% by the end of 2022 due to high demand and the increasing prices of materials and the cost of construction. Nevertheless, Al-Shennawy said that many real estate companies are offering flexible payment plans to circumvent the issue. This is alongside the state’s continued provision of initiatives to support customers in making purchasing decisions.
He disclosed that the development in Egypt’s real estate industry makes it a global attraction, making it an interesting destination with much to offer to investors and end users.
