The National Bank of Egypt (NBE) and Banque Misr have announced the launch of their new real estate project, Gardenia City, which has received investments amounting to EGP 26bn.
Al Ahly "Sabbour" in alliance with "Founders", a subsidiary of Hyde Park Development, is responsible for sales operations and the development of marketing plans for the project.
Hisham Okasha, Chairperson of the NBE, said that in launching the project, the bank aims to provide high-quality housing complexes, including units that meet the needs of a large segment of customers.
Ahmed Sabour, CEO of Al Ahly for Real Estate Development Company, said that the consortium between Al Ahly "Sabbour" and Hyde Park Real Estate Development will represent a momentum or rather a major boost to the real estate market. He added that the project is one of the largest real estate projects in Egypt. It includes fully finished units ready for delivery for the first time in the domestic real estate market.
NBE Vice-Chairperson, Yehia Aboul Fotouh, said that the total investment in the project exceeds EGP 26bn. He noted that the project meets all the conditions set out by the Central Bank of Egypt (CBE) initiative for real estate financing, which provides citizens with comfortable payment methods of up to 20 years.
Akef Al-Maghreby, Banque Misr (BM) Vice- Chairperson, said that the project is built on an area of 513 feddans, and the buildings occupy only 20% of the total project. marketing the project during this stage represents an opportunity for further recovery of the real estate market. This is what "Founders" is doing as its first marketing project in the real estate market.
It's worth noting that the project, located on the Suez Road and the Ring Road, is built on an area of 513 feddans, and is comprised of 19,500 units starting from 120 sqm in area. The project also features 100 independent villas, 80 twin houses and public services.