“Youssef”: Pumping 235 million pounds into construction in the “Eco West” and “Qena” projects
“New City Development” achieved sales of 120 million pounds, with a total of 150 units of “Eco West”
The “New City Development” company intends to launch the second phase of the “Qena Gardens” project, in the governorate of Qena, during the second half of this year, and the project will be implemented in 4 phases.
Ramy Youssef, CEO of the company, said that the “Qena Gardens” project is being built on an area of 200 acres, and includes 8 thousand housing units, with investments of 5.25 billion pounds, and the company aims to sell about 1000 units of the project by the end of this year.
He added to the “Stock Exchange” that the “New City Development” company achieved sales of 120 million pounds, with a total of 150 units of the “Eco West” project, and the company aims to achieve 3 billion pounds in sales from the total units of the project.
He pointed out that the “Eco West” project is being built on an area of 120 acres in 6th of October City, with investments of 2.5 billion pounds. The percentage of the project is 20% of the land area, and it includes 3.8 thousand fully finished units, with an area of 80 square meters per unit. The project also includes a sports club. On an area of 18 acres, and an international school, the company plans to hand over the project within 4 years, and the project is being implemented in 4 phases.
“Youssef” explained that the unit price is 800 thousand pounds, and the company provides facilities to customers with an 8% reservation deposit and installments over 8 years, or a 16% reservation provider and installments over 7 years.
He pointed out that the unit prices are competitive, and the project expresses the company’s strategy in offering high-quality products in an integrated city, compatible with the middle-income segment, as a result of a quantitative and qualitative gap in the proposed projects. As the annual increasing demand for units reaches about 900,000 units, given that the offering does not exceed 450,000 units, and the proposed product is focused on products that meet certain categories with high-income purchasing power.
He said that the project aims to meet the needs of the most in need and demand for the real estate product, which is the middle and upper middle class, which represents about 35% of Egyptians.
He added that the company seeks to popularize the experience of “Eco West” in various governorates of Egypt, to provide this product to the largest segment of customers, with long-term plans to expand in Africa.
“Youssef” explained that the company intends to pump 235 million pounds into the construction of the “Eco West” and “Qena Gardens” projects during the current year.
He pointed out that the total land portfolio of the company is 820 feddans, and includes 200 feddans in the “Qena Gardens” project, and 620 feddans in 6th of October City, of which 120 feddans are in the “Eco West” project.
The article “New City Development” will launch the second phase of “Qena Gardens” during 2021, it was written in Al-Borsa newspaper.