Fayez Group Developments announces offering the first phase in its City Pearl project in Nasr City, with investments of over EGP 450 mn, Invest-Gate reports.

Nashat Fayez, Chairman of the company, reveals that the project will be offered in three phases, adding that the first phase includes 20 hotel units with total targeted sales of EGP 130 mn.

He adds that the project is located on a total area of 858 meters and includes two underground floors, a ground and first floors dedicated to commercial units, and 10 floors dedicated to residential hotel units, in addition to a floor dedicated to restaurants and entertainment.

The built-up area accounts for 70% of City Pearl, Fayez says, noting that the project will be offered at prices starting from EGP 26,000 per meter.

The top executive reveals that his company has entered into a contract with Cieux Designs to provide engineering consultancy services to the project, and another contract with Tre Jolie for the administration and management of the project.

He notes that the project is funded by the company’s own resources, adding that the company has a financial solvency of over EGP 1 bn.

The company offers flexible payment systems with down payments starting from 15% and installment plans of up to 48 months with zero interest.