Cairo Capital Developments sells out 80% of the Lake West project in Sheikh Zayed City, west Cairo; moreover, it plans to complete marketing the entire project in 2022, Invest-Gate reports.
Chairman of Cairo Capital Developments Yasser Khalaf elaborates that the west Cairo area enjoys a strong and real demand for various residential segments, adding that Lake West is distinguished by its unique location and diverse spaces that meet the needs of target customers.
The EGP 1.5bn- Lake West project is located in New Sheikh Zayed City, on Dahshur Road, covers 43 acres, and enjoys many surrounding services.
Additionally, Khalaf points out that the project is self-financed, indicating that the company has begun construction work on the project, and it will be delivered in three years. “The company offers competitive payment plans starting from 0% and installments up to eight years on units with spaces ranging from 256 and 385 sqm, in addition to 12 commercial units,” he adds.
Moreover, he comments,“The president’s decision to ban marketing projects until after completing 30% is considered one of the decisions that maintain the strength of real estate market, preserve customers’ investments and filter companies in the market. It is better to put more controls to protect this huge sector, especially with the expansion of urban development is being carried out by the state”.
Furthermore, Khalaf remarks that Egypt’s real estate market is able to absorb more projects due to strong and real demand, with the continuation of the state’s initiatives that support the entire market, adding that the latest mortgage financing initiative- with an interest rate of 3% for a period over 30 years- contributes strongly to revitalize the property market and bridging the gap between purchasing power and selling price for customers.