Cairo Capital Development has announced launching the second phase of the Lake West project in Sheikh Zayed, with targeted sales estimated at EGP 700mn, Invest-Gate reports.

“The company has completed the marketing of the first phase of the project with sales estimated at EGP 700mn, despite the Corona pandemic and its impact on sales in the real estate market,” Ahmed Selim, chairman of the Cairo Capital, is quoted as saying in a company press release on March 7.

He further adds that the company launches the second phase of the project with a distinguished group of villas of 250 units, with prices starting from EGP 3.5mn and installment periods of up to eight years.

Moreover, the chairman of Cairo Capital elaborates that the company aims to achieve high rates of construction in the project. The completion rates have reached 30% so far, and it is intended to start delivering units in 2022, stressing that the implementation is according to the specified schedule while taking all necessary precautionary measures.

“Lake West project is located on an area of ​​43 acres and includes 250 villas in addition to two shopping malls, a hospital with construction percentage does not exceed 15%, and the rest is green areas. The project has a premium location in front of Beverly Hills,” he highlights.

Selim also elaborates that West Cairo projects are growing at a steady rate and demand balanced with supply. “The recent period witnessed the entry of several major developers to develop projects there, and competition is expected to increase in the upcoming period,” he points out.