El Khalifa Group announced its plan to launch two new projects in West Cairo, with a total investment of 750 million pounds.
Chairman of El Khalifa Group Amr Khalifa, said that West Cairo district characterized by a strong development volume that is being implemented in it, in order to be Egypt’s touristic capital, especially within the inauguration of a number of national projects in West Cairo, most notably the Great Egyptian Museum and Sphinx Airport, reffering to the strong demand in West Cairo.
He explained that it is planned to launch the two projects during the next month, coinciding with the beginning of the summer season, which represents the peak of real estate market activity, where both projects are located in the Green Belt in Sheikh Zayed city, where there is a strong volume of development, reconstruction and a demand from clients to live in it.
He pointed that the first project is located on an area of 6 acres with total investment of 450 million pounds, and the second one is located on an area of 5 acres with total investment of 300 million pounds, which are distinguished projects located in a promising area, and the company plans to make the two projects distinctive signs in West Cairo.
He said that the company is implementing “Malaga” project in October Gardens (Hadayek October)
on an area of 10 acres, which is an integrated residential compound that includes residential units and a commercial mall with a total target sales of 700 million pounds, as the project is being marketed on 3 sales phases with a total of 328 units with various areas ranging from 115 meters to 250 meters and includes 29 residential buildings.
He revealed the company’s study to implement a new project in Ain Sokhna, which will be a residential and tourist project that will achieve diversity in the company’s portfolio of projects, and meet the demands of the company’s current and target clients, as well as an increase in orientation to Ain Sokhna after moving to the government district and moving life to the Administrative Capital and the proximity of Ain Sokhna to the Administrative Capital, which will make it a residence for many clients.
He pointed that the high prices of building materials affect the cost of implementation and consequently the selling prices and purchase movement in the market due to the gap between the selling price and the clients’ purchasing power, and companies are currently seeking to find alternative and flexible solutions to achieve compatibility between selling prices and clients purchasing power.