First Group Gears for Phase II of West Cairo’s Kazan Plaza

First Group Gears for Phase II of West Cairo’s Kazan Plaza

First Group is on the verge to launch phase II of its commercial/administrative project in west Cairo’s Sheikh Zayed, dubbed “Kazan Plaza,” following the sell-out of 95% of the first batch of units, Invest-Gate reports.

Besides, the Egypt-based real estate developer plans to launch its newest 40-acre gated community in Sheikh Zayed, which will consist of villas only with a unique architectural design, First Group CEO Basheer Mostafa underlined in the company’s press release on October 3, noting that both developments are set for launch in Q2 2020.

“Upon ministerial approval, work will commence on the Silva project and will proceed for three years. Marketing will continue in parallel, thereby providing possible customers with payment plans of up to 10 years,” the CEO stated, emphasizing the continuation of construction on all sites to stay on track for delivery as scheduled.

Currently, First Group is developing Kazan Plaza over 16,000 square meters in west Cairo, with investments worth EGP 800 mn. The mixed-use development comprises a mix of administrative, commercial, and medical units, with areas ranging from 58 to 120 square meters.

Meanwhile, Kenz Compound, which is also located in west Cairo, is planned for completion in June 2021. Mostafa indicated that given the flexible offers presented to buyers, especially amid the COVID-19 pandemic, First Group managed to sell out almost 70% of the project’s fourth and final phase.

The property company asked prospective clients to settle a 25% down payment now and pay the first installment in 2021 when acquiring some ready-to-move residences at Kenz Compound, he added, expecting the entire project to be sold out by year-end.

Work is also underway on First Group’s first-ever commercial/administrative project, named “Kaya Plaza,” aiming for delivery within a year and a half from now. Located on Cairo-Fayoum Road, in the vicinity of Kenz Compound, the 12,000-square-meter complex comprises various commercial, administrative, and medical spaces.

As for First Group’s sales volume during the past year, Mostafa confirmed the registration of EGP 750 mn worth of contractual deals, anticipating to log higher figures in 2020, despite the continued Coronavirus-induced slump.

 

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