El Shennawy Group (SG) launches its first real estate project in the Financial District of the New Administrative Capital (NAC), with a total of EGP 500mn investment, Invest-Gate reports.

The company’s leader, Founder and Chairman, Farag El-Shennawy, says that the NAC is one of the fourth-generation cities that receives a great attention from the Egyptian state.

Accordingly, the company launched FINSQUARE boutique workplaces at the NAC’s financial district in plot CS11, with a total area of 6,000 sqm and 12,500 sqm built-up area.

He points out that SG is cooperating with Invesrion, Archrete Design Studio, VIM33 Consulting Studio to plan, design, and market the project consecutively.

Also, he clarifies that the company has already started earthworks, and plans to deliver the project within two and a half years. FINSQUARE offers fully finished offices from 45 sqm at competitive prices with a six-year payment plan.

He discloses that FINSQUARE Boutique Workplaces is the company’s first real estate development. Consequently, SG aims to expand the execution of commercial projects and luxury residential projects inside and outside the NAC, especially with the diversity of investment opportunities that the state is currently offering within many fourth-generation cities throughout Egypt.

Egypt’s real estate market prices are expected to increase at a minimum of 25% by the end of 2022, due to high demand and increasing prices of materials, and the cost of construction. Nevertheless, real estate companies’ counterparts to that by offering flexible payment plans besides, the continued provision of initiatives by the state to support customers to make a purchasing decision, according to El-Shennawy.