EGYPT – Concept Development, the real estate developer, has launched its second project in the New Administrative Capital (NAC), named SENET 2, with investments worth EGP260 million (US$16.58m).
The project is comprised of 210 units of various sizes and serves as expansion plan for the development of several projects in the coming period.
Concept Development’s Chairperson Ehab Aboelmagd said that the SENET 2 project is a mixed-use mall project comprised of 11 floors and includes units of various sizes ranging from 20 sqm to 750 sqm.
He added that the company aims to complete selling the project within two months and that construction work on the project will be begin this year, with the project to be delivered within three years.
Additionally, the company offers various payment systems that suit the needs and purchasing capabilities of target customer. Consequently, Concept Development offers payment systems starting from a 10% down payment and payment plans of up to 10 years without interest, Aboelmagd said.
The company also offers investment systems with a rental return of up to 45% within three years. This is in addition to providing an insurance system in cooperation with the German Allianz Life Insurance Company for its clients, as part of Concept Development’s plan to support its clients and provide all quality elements in its projects.
“Concept has contracted with Uni tech Facility Management (UFM) to operate the mall, in order to ensure that the quality of the project is maintained after its operation and preserve investment value of the project,” Aboelmagd said.
“The company launched its first project, SENET in the located in the Downtown area of the NAC, with total investments worth EGP200 million (US$12.75m), encompassing commercial, administrative, medical units on nine floors and a garage.”
He also said that the company has developed a strong selling plan this year, targeting EGP530 million (US$33.80m) in sales that can be increased in the case of adding new projects to the company’s portfolio.
Aboelmagd also revealed that the company has paid about 20% of the land instalments to Administrative Capital for Urban Development company (ACUD) with no late dues.
The company’s total investments are estimated at EGP920 million (US$58.67m), distributed over EGP460 million (US$29.34m) in two projects at the NAC, and EGP460 million (US$29.34m) in projects along the North Coast.
For his part, Al-Mutawakel Ahmed, Vice-Chairperson of Concept Development, said that the company has launched the third phase of its Siela project in the North Coast that is comprised of 140 units of various spaces.
Al-Mutawakel added that the company aims to complete the phase selling by the end of this year, noting that it is planned to deliver the units within two years. Moreover, the company offers payment systems with 0% down payment and instalments up to 100 months.
He explained that the company will deliver the first phase of the project this year, the second phase next year, and the third and final phase two years later.
Siela is built on an area of 10 feddans, and is comprised of about 700 units in addition to commercial and recreational units. It includes chalets starting from 45 sqm up to 100 sqm. Furthermore, all units in the project are fully finished, with a built-up area not exceeding 28% of the total project area.
