Mounir: 250 million pounds is the investment cost of the project, and we target sales of 350 million pounds
Abu Al-Atta: The state’s partnerships with the private sector support sustainable investment and development plans
Abdul-Maqsoud: “Al-Nasr Housing” aims to expand the investment base in its land portfolio through partnership with the private sector
Future Homes Real Estate Development Company has signed a partnership contract with the Nasr Housing and Development Company, affiliated to the Holding Company for Construction and Building, to implement a housing project in South Cairo in the Lower El-Mearag area on an area of 9 thousand square meters. The expected investment cost of the project is about 250 million pounds.
Eng. Mohamed Mounir, Chairman of the Future Homes Real Estate Development Company, said that the project is a residential compound consisting of 15 buildings containing 300 housing units with different areas ranging from 90 to 175 square meters.
The company intends to complete the project within 4 years and expects estimated sales of 350 million pounds, through a marketing plan that took into account the existence of payment facilities starting from 10% of the price of the residential unit as a down payment and installments of the rest of the dues over a period of up to 7 years.
He explained that the partnership between the public and private sectors in the field of real estate investment achieves the public interest, mutual benefit and complementarity for both parties, by developing part of the huge land portfolio owned by the public sector in light of the difficulty of the sector carrying out its task of development on its own, while the private sector has different strategies for marketing, sale and promotion operations. It guarantees profitability for both parties and raising the prices of the rest of the lands surrounding the project, which will benefit the state treasury.
Eng. Hisham Abu Al-Atta, President of the Holding Company for Construction and Building confirmed that the state’s strategy to create effective partnerships between the public and private sectors aims to achieve more developmental sustainability, especially in the sectors of construction, infrastructure and services. Equally, achieving the maximum possible benefit for both parties, while at the same time supporting the investment climate in general.
Eng. Mohamed Abdel-Maqsoud, Chairman of the Board of Directors of the Nasr Housing and Development Company, said that the company aims to develop and develop the largest possible area of its land portfolio by diversifying channels and investment means between self-investment in addition to establishing partnerships with the private sector, where through this mechanism it is possible to create a kind of integration that reflects positively on interests. Mutually shared.
He confirmed that the Nasr Housing and Development Company has carried out a huge restructuring process during the past months of its administrative and functional structure, in addition to targeting the implementation of huge investment plans to raise the company’s sales at a value that exceeds 3 times the sales of the last fiscal year, by 2.5 billion pounds compared to 700 million pounds achieved last fiscal year.
It is noteworthy that Future Homes held a partnership project before with the National Company for Investment and Development, “Nerco”, affiliated to the public business sector, on two plots of 2,700 meters in Zahraa Maadi, to establish the “Future Heights” project, which includes 150 residential, commercial and administrative units at a cost of 100 million pounds Nerco owns the land and Future Homes bears the construction and marketing costs.
The company also launched its “Verona” project near the Maadi Ring, next to Carrefour, with investments amounting to 250 million pounds, which includes 400 housing units and a commercial mall.
The article “Future Homes” development of a housing project in partnership with “Al Nasr Housing” was written in Al Borsa newspaper.