Al Arabia Company for Real Estate Development has announced the completion of 50% of work on all of its real estate projects in New Cairo, coinciding with the celebration of its 17th anniversary as the Egypt-based developer offers potential clients with payment schemes of up to 72 years, Invest-Gate reports.
This limited-time offer, which only requires an EGP 50,000 upfront, temporarily replaces Al Arabia’s six-year customary installment plans for marketing 400 homes (50 residential buildings) in east Cairo’s Beit Al Watan area, Mohamed Tawfik, the company’s chairman, confirmed in a December 14 press release.
Construction is set for conclusion on the above residences within three years, which are being developed over 50 land plots, Tawfik further added, highlighting that the residential project is distinguished by its proximity to the New Administrative Capital (NAC).
In addition, another gated community is in the pipeline in the vicinity of Rehab City, whereas work is underway on 15 other compounds in New Cairo’s Al Narges Extension. Meanwhile, the Andalus project has been fully constructed to embrace several residential buildings next to the American University in Cairo (AUC).
The chairman explained that the Andalus compound features unit areas that range from 170 to 230 square meters, indicating that prospective customers pay EGP 7,500 per square meter in installments over a period of no more than three years.
Since its establishment in 2004, Al Arabia has managed to lure 8,500 homebuyers when implementing a total of 550 property developments in Egypt. So far, 450 projects have been successfully delivered, with the remainder in the pipeline across the country.