Brevan Development has obtained ministerial approval for its Lake House residential project in Obour City, marking a key regulatory milestone as the company launches the project’s second phase, targeting sales of more than EGP 1bn.
Saeed Sakr, CEO of Brevan Development, said the ministerial approval enables the company to move forward with implementing the project after completing the required regulatory procedures.
He added that the approval follows a series of development steps undertaken since the project’s launch and reflects the company’s commitment to its implementation schedule.
According to Sakr, the first phase recorded strong sales, contributing to the decision to accelerate the launch of the second phase.
Saber Zahran, board member and founding partner of Brevan Development, said the Lake House project is located on Axis Line 10 in Obour City, opposite the District 8 villas and adjacent to the New Obour City Authority. The project spans approximately 9.5 feddans and has been planned as a low-density residential development with landscaped areas and integrated amenities.
He noted that demand during the first phase encouraged the company to launch the second phase, which includes a new selection of residential units with different layouts and views, alongside payment plans designed to meet current market conditions.
Ibrahim Abdel-Azim, Board Member and Founding Partner, said the second phase includes apartments, ground-floor units with private gardens, and duplexes, with unit sizes ranging from 136 to 350 sqm. Payment plans start with a 15% down payment, with instalment periods extending up to six years.
He added that the project is planned to include amenities such as a clubhouse, swimming pools, artificial lakes, landscaped green spaces, children’s play areas, walking tracks, parking facilities, electronic gates, and 24-hour security systems.
Brevan Development said the ministerial approval and the launch of the second phase represent the next stage in the implementation of the Lake House project as the company continues development work in Obour City.
