By Hamed Mahmoud
The Grand Plaza for Real Estate and Tourism Investment Company achieved sales of LE220 million during the first quarter of this year, and seeks to raise those sales to about LE500 million by next June, said Eng Sherif Osman, Board Chairman. He indicated that the executive and sales plan the company adopts for the projects in New Cairo and Mostakbal City is progressing well.
“The Grand Plaza implements the ‘La Mirada El Mostakbal’ project on its own through its subsidiary operations department, which is in charge of several activities such as procurement, implementation and quality. The company is set to pump up to 100 million pounds into construction works during the current year, in efforts to finalise a large part of them,” Eng Osman said.
Built on an area of 47 feddans, with investments amounting to LE3.5 billion, the La Mirada El Mostakbal included 1,600 housing units with areas ranging between 120 and 240 square metres, developed in 4 sales stages, Board Chairman Osman said, adding that the company planned to complete about 250 units in the project within a year from now.
Osman emphasized that the East Cairo region has become a starting point for many large projects by virtue of the New Administrative Capital (NAC), which benefited the companies operating in Mostakbal City, explaining that the La Mirada El Mostakbal project is located near the Central Business District of the NAC, which gives it an added value and great competitive advantage.
He pointed out that “Companies that will work on this project will get their money turned over within 3 to 4 years”, explaining that the initiative that the Central Bank of Egypt has launched as per directives from the political leadership for providing financial facilities over 30 years and 3 per cent interest rate will benefit both the customer and the developer.
He pointed out that large companies can allocate part of their projects to suit the initiative, especially since it involves the units with areas of less than 150 metres and are sold for less than LE2.5-million threshold.
“The Grand Plaza Company offers large facilities to customers with 25 per cent downpayment and refund periods of up to 5 years,” Osman said.
Osman explained that the company has achieved a large part of its executive plan in line with the preset time schedules, the delivery dates and the world quality standards, to keep the trust built with the customers; hence its importance as the real capital.
The performance of both the government and the private sector during the current year was exceptional in comparison to other performances worldwide and in the light of the global pandemic that sent many rates downwards, he said. “But Egypt succeeded through successful measures and policies in adapting to the matter and absorbing the crisis and withstanding its repercussions.
It is worth mentioning that the Grand Plaza Company is also working on the “La Mirada Plaza” Mall project in New Cairo, near the American University of Teseen Street, 5th Settlement.
Constructed on an area of 3,850 square metres with investments of up to LE250 million, the commercial, administrative and medical building includes commercial units with areas ranging from 60 to 350 square metres, and clinics with areas ranging from 35 to 300 square metres and administrative offices with areas of up to 300 square metres.