First Group CEO Basheer Mostafa said 85% of Kenz Compound, which is located in west Cairo’s October Gardens, have been sold out so far, citing plans for full delivery after handing over the fourth and last phase by June 2021, Invest-Gate reports.
Mostafa, who is also a member of the Egyptian Businessmen’s Association (EBA), indicated the extension of special offers on residential units at the 30-acre gated community, represented by a 25% upfront and payment of the first installment in 2021, until the end of the year, as highlighted in a November 4 press release.
With all residences ready to move in at Kenz Compound, First Group is now undertaking the landscaping work, while finishing the on-site entertainment services in an attempt for conclusion by mid-2021, he further stated, pointing to the recent opening of the project’s fully-fledged sports club.
Meanwhile, almost 40% of construction on west Cairo’s Kaya Plaza is done, which is the first commercial, administrative, and medical project to be situated directly on Cairo-Fayoum Road, nestled opposite to Kenz Compound. The 12,000-square-meter center is scheduled for completion within a year from now, according to the CEO.
As for 6th of October City’s Kazan Plaza, which is currently seeing the final finishing touches, Mostafa confirmed selling out all of the project’s administrative and medical units, noting, “Leasing offers by well-known brands of commercial outlets and eateries are being thoroughly handpicked due to the high demand for the project, thanks to its unparalleled location.”
He also underlined that the company’s newest villa-only project in Sheikh Zayed, called “Silva,” is set to be rolled out in early 2021. It will be carried out over two phases, each of which covers an area of 20 acres and comes with estimated investments of up to EGP 800 mn.
In October, Mostafa had announced that First Group registered EGP 750 mn worth of contractual deals during the past year, anticipating to log higher figures in 2020, despite the ongoing Coronavirus-induced slump, according to a previous statement.
