Real Estate

Egypt’s Vantage Developments finalizes 60% of New Cairo’s Century City

Cairo – Masaader News

Vantage Developments unveiled an integrated expansion plan for 2021, featuring the completion of under-construction works at New Cairo’s Century City together with launching a housing project at Sheikh Zayed City.

Chairperson of Vantage Developments & member of Egyptian Businessmen Association Mohamed Abd El-Gawaad said that the company managed to sell up to 60% of the entire Century City’s residential units since late 2019.

“Booking these whopping sales was close to hand, at odds with Coronavirus-induced headwinds which curtailed both demand and sales in the real estate market, mirroring the project’s high-profile standing and its catering to needs of clients targeted by the company,” he explained.
The company strives to achieve as high construction rates as possible this year, as it is set to hand over the residential units as of 2023, he added.

Vantage Developments rolls out up to 10-year installment schemes
Residential units at Century City are fully finished with the highest specifications and materials, as the company provides 10-year installment schemes starting off at LE10,000 per month.

Century City is spread over 12.5 acres at the Southern 90th neighborhood, specifically at the Golden Square in the Fifth Settlement, making it easily accessible from all new road corridors.
The project’s built-up space is less than 25% out of its total area, and it comprises housing buildings sub-divided into 7 clusters, securing green spaces and landscapes for each building.

Also, the project has a 24-hour spa, large green spaces, lanes for exercising running sport, a lake, a swimming pool, restaurants, and commercial services.
Additionally, there are under-ground parking lots and a ring round is initiated at the heart of the project in order to give clients and children the privacy and hygiene atmosphere they need inside a housing area inaccessible to vehicles.
The buildings are made up of a ground floor and 5 levels, as the residential units have spaces ranging from 98 to 285m, he elaborated, adding that the project’s investments amount to LE1bn and LE250mln.

The project features the innovative and eye-catching designs of Art Deco style originated in the 19200s, which blends modern with classic patterns, fulfilling all tastes.

Abd El-Gawaad: demand for properties remains robust and the market can absorb all supply.

As regards the real estate sector, Abd El-Gawaad said that demand for properties remains high and the market can absorb all existing developers and more of them, as the real estate remains the safe-haven choice for savers that maintains the value of the currency and achieves steep returns.

“The market is badly in need for sparking off the banking sector which can finance under-constructions while enlisting pre-conditions guaranteeing the banks rights. For example, developers can be funded in case they pay up to 25% of the land value and start constructions. That can be helpful in snapping up 20% sales, vindicating the project’s feasibility and its capability at lending a hand to clients’ needs.”

Financing under-constructions can yield in significant earnings, speed up turnover rate, emboldening developers to expand and launch other projects, and fit in with needs of wider segments of clients, he explained.

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