Lemar Egypt Development announced its readiness to implement an integrated expansion plan in the Egyptian market through implementing various projects.
In this regard, the real estate company signed a contract with Pillars Constructions to implement 20 buildings in Beit Al Watan Al Takmely located on the Boulevard Road, 6th of October City with total cost of constructions of EGP 70 million.
Lemar Egypt Chairman of Board of Directors Islam Madkour, Lemar Egypt CEO Tarek Zayed, Pillars Constructions CEO Ibrahim Tantawy, Managing Director of Pillars Motaz Tantawy attended the meeting of signing the contract.
The construction work of the buildings will last within two years.
Madkour said that the signed contract with Pillars Constructions stated the implementation of the 1st phase of the project which includes the construction work, while it is scheduled to begin in the 2nd quarter of 2022.
He added that the units will be delivered to the clients within three years; noting that all the building façade will be luxuriously finished, while the units will be half finished.
He pointed out that the expected sales revenue of the project is EGP 280m; as the project is considered to be continuity to over 80 unique and successful projects implemented by Lemar Egypt in 6th of October City and Sheikh Zayed City including building villas in the Green Belt.
Lemar Egypt started its work in the Egyptian real estate market seven years ago, while it will be a subsidiary from a new establishment to be found soon.
For his part, Zayed said that the new establishment is directed to implement an expansion plan including launching an integrated project of 53 thousand acres in the North Coast next summer.
He added that the project will include residential units with different areas that comply with the customers’ needs. It will also comprise commercial units like shops, cafes, restaurants and entertainment area that suites all ages.
He referred to the company’s keenness on conducting studies to know the needs of the customer in order to implement projects that could comply with them, in addition to put prices with feasible installments that suites the targeted customer segment, especially young people.