Cairo Capital Developments has succeeded in accelerating construction rate of Lake West project in Sheikh Zayed City, west Cairo to reach 60%. The company plans to begin delivering the first phase within a year and a half.
Chairman of Cairo Capital Developments Yasser Khalaf said that the Lake West project is located on 43 acres, on the Dahshur link road and enjoys many surrounding services, added that the company is developing the project with self-financing with investments worth EGP 1.5bn.
Khalaf noted that accelerating construction rates is one of the priorities that Cairo Capital focuses on in all its projects, in order to maintain its schedules with its clients as well as maintain their confidence in the company.
He pointed out that the company has achieved its marketing goals for the project in accordance with the specified plan, and it is planned to complete selling the entire project by the end of this year.
He further explained that gradual selling during the project construction periods is one of marketing mechanisms that protect the company from risks of a high gap between selling price and construction cost.
West Cairo region is witnessing an integrated urban development, in order to be a tourist capital for Egypt. In addition, the presence of a number of major investors in huge urban projects in West Cairo attracts more companies to meet the increasing demand for that region; consequently, there is a balance in volume of demand between east and west Cairo, he disclosed.
He pointed out, “Property market is currently facing some challenges resulting from global economic changes, which have led to high cost of raw materials and their impact on construction cost, nevertheless serious companies that have clear plans and strong financial solvency will be able to face these challenges, especially with the government support provided by the state to maintain the property market.”
Cairo Capital Developments offers flexible payment plans on the Lake West project, starting from 0% down-payment and installment plan up to eight years, which are competitive payment plans offered by the company to its customers and commensurate with their purchasing power, with units’ spaces range from 256 and 385 sqm, in addition to 12 commercial units.
