Al Marasem International for Development has commenced deliveries at the first phase of its New Cairo project, or “Fifth Square,” featuring a total of 576 fully-finished residential units (42 buildings), Invest-Gate reports.

The timely completion of work on phase I of the 158-acre gated community marks a milestone for the Egypt-based developer, particularly amid the COVID-19 woes, said Al Marasem in a press release on December 21.

The handover of properties within the first phase of New Cairo’s Fifth Square is proceeding as of November 15, the statement added.

Al Marasem has also managed to export properties to buyers from Arab and European countries, on top of the US, the Far East, and China, in line with the state’s policy for selling real estate abroad.

Launched in 2017, Fifth Square comes with investments valued at EGP 23.5 bn, comprising an array of fully-finished apartments and villas equipped with air-conditioning. Green spaces, gardens, playgrounds, swimming pools, social clubs, and other amenities are all at hand.

“Residents will have the convenience of living steps away from ‘The Mall’ – the compound’s commercial component. It will boast 300 top local and international brands, a cinema complex, a hypermarket, coffee shops, food courts, restaurants, kids areas, along with parking lots for 3,500 vehicles,” read the statement.

Back in 2019, Al Marasem had launched a new partnership system for its Fifth Square project, thereby enabling clients to invest in a top-quality product with a high rate of return on investment (ROI), according to an earlier statement.

The “Partners and Not Only Clients” concept allows buyers to pay 50% of residential units’ value within Fifth Square over four years. The remaining 50%, however, is owned by Al Marasem’s arm for assets development and management.