Royal Development begins excavation work for three separate projects in Narges area in New Cairo, Invest-Gate reports.

According to the company’s statement, the excavation work starts during Q4 2021, with a total area ranging between 450m and 460m per project. Royal Developments CCO Saher Magdy declares that the three projects are fully marketed and include 24 housing units of various sizes. All three projects are to be delivered in 2023, the statement reads.

Magdy further adds that the company owns nine separate projects in Narges area. She also highlights that the company has developed a plan to implement them according to a specified timetable, which reflects strong financial solvency and a distinctive sales volume.

In a parallel context, Magdy points out that the company owns and markets 75 separate and diversified projects. Moreover, she indicates that the company presents 25 projects with different payment systems and in various areas. The company seeks to proceed with its expansion plan as well as continue to implement its current projects with high quality and efficiency.

On the other hand, she asserts that the Central Bank of Egypt (CBE) real estate financing initiative, at an interest rate of 3% for 30 years, leads to revitalizing the real estate market and bridging the gap between the customers purchasing power and the prices. It also contributes to providing financing for real estate companies.