Concept Development launches its second project, SENET 2, in the New Administrative Capital’s (NAC) downtown area, with investments worth EGP 260 mn, Invest-Gate reports.
Ehab Aboelmagd, chairman of Concept Development states that the project is a mixed-use one that comprises 11 floors, and 210 units of various sizes, moreover, SENET 2 mall includes units with various spaces ranging from 20 to 750 sqm.
In a press conference, Aboelmagd notes that the company aims to complete selling the project within two months, given its distinctive location, and the distinguishing designs and interiors of the project, in addition to providing unique and diverse payment systems for target customers.
Furthermore, Concept Development offers various payment systems starting from a 10% down payment and payment plan of up to 10 years without interest, he discloses. Over and beyond, the company offers investment systems with a rental return of up to 45% within three years, besides, providing an insurance system in cooperation with the German Allianz Life Insurance Company for its clients.
Additionally, the company will begin the project’s construction works this year, Aboelmagd points out, adding that the project will be delivered within three years, in addition, the company has contracted with the consultant office, Hossam Abdel Megeed, to undertake the engineering consultancy work for the project.
“Concept has contracted with Uni tech Facility Management (UFM) to operate the mall, in order to ensure that the quality of the project is maintained after its operation and preserve investment value of the project,” he explains, noting, “The strength of competition in the New Capital pushes companies to offer their best to reach their target customers, and innovate in their projects to win this competition.”
“Concept Development is looking for several points that achieve excellence in its projects at the beginning starting from choosing the project site, engineering design, varied prices, and multiple payment systems, which guarantees strong competition in the city,” he says.
It’s noteworthy that the company launched its first project, SENET, in NAC with total investments worth EGP 200 mn. It encompasses commercial, administrative, medical units on nine floors. The spaces of commercial units range between 25 and 100 sqm, spaces of medical units start from 18 to 100 sqm, and spaces of offices range between 30 and 100 sqm.
The company’s chairman mentions that the company has developed a strong selling plan this year, targeting EGP 530 mn in sales that can be increased in the case of adding new projects to the company’s portfolio, revealing that the company has paid about 20% of its land installments to the Administrative Capital for Urban Development company.
Moreover, it is worth mentioning that the company’s total investments estimated at EGP 920 mn, distributed over EGP 460 mn in two projects at NAC and EGP 460 mn in the North Coast.
Al-Mutawakel Ahmed, vice chairman of Concept Development, remarks that the company has launched the third phase of the Siela project on the North Coast. Siela comprises 140 units of various sizes, with units areas ranging from 50 to 150 sqm, noting that it is planned to deliver the units within two years.
Moreover, the company offers payment systems with 0% down payment and installments up to 100 months. Besides, Al-Mutawakel adds that the company aims to complete the phase’s marketing by the end of this year, and the company will deliver the first phase of the project this year, the second phase next year, and the third and final phase two years later.
The company focuses on the construction process in its projects and plans to direct investments worth EGP 180 mn this year, Al-Mutawakel notes, pointing out that the total value of investments into the company’s projects has reached EGP 400 mn, in addition, the construction works are carried out by Franco Tech, a sister company.
Siela is built on an area of 10 acres, comprising about 700 units, in addition to commercial and recreational units, and embraces chalets starting from 45 to 100 sqm. Furthermore, all units in the project are fully finished with a built-up area that does not exceed 28% of the total area.
On the company’s expansion plan, the company is studying several plots of land to choose from to develop a new project, including NAC and the North Coast. Additionally, the company is following up on the New Urban Communities Authority’s (NUCA) land offers to choose the appropriate opportunity.