‘Developer X’ launches ‘Ourika’, in Sheikh Zayed, and ‘The Muse Strip’ New Cairo

By Hamed Mahmoud

Developer X Real Estate Company – a subsidiary of the Shoura Group – has launched two projects in Sheikh Zayed and New Cairo; aiming to achieve contractual sales of LE1 billion from both projects during the current year, a senior company official said.

Ahmed Fouad, CEO of “Developer X”, added that the first project – Ourika – is a residential project located on an area of 16 feddans in Waslut Dahshur area in Sheikh Zayed City. The first phase of the project is being offered with a total of 45 villas, townhouses and twin houses.

Designed with a Moroccan eccentric that links tradition with modernity, the project features various payment systems; a 5 per cent reservation payment, and a 5 per cent contractual payment, and the rest over 8 years of equal installements, he said.

“The prices for townhouses start from 2.9 million pounds and 5 million pounds for independent villas, and the units are to delivered within 3 years of contraction with the client,” CEO Fouad said, unveiling that the down payment starts from LE145, 000 and a monthly installment of LE28,000.

The second project –The muse – is an administrative commercial project on North Teseen Street. The project is in partnership with Saad el-Din Group and is comprised of administrative offices with areas ranging between 80 and 150 metres, CEO Fouad said.

He pointed out that the company plans to launch the first phase of the project soon, and that the delivery will be within 3 years of contraction with the client.

For achieving a high rental return on the unit that preserves the client’s investment, the company offers leasing the unit for the benefit of the customer, he said.

He pointed out that the company is self-financing its projects; hence the strong financial solvency of the parent group, adding a subsidiary to the Shoura Group will manage the company’s projects in order to ensure the quality of the projects and their investment value.

The company’s land portfolio extends to more than 150 feddans, with the company planning to develop them in full over the next 3 years, CEO Fouad concluded.