By Hamed Mahmoud
Cairo Capital Developments launched the second phase of its “Lake West” project in Sheikh Zayed, with a targeted sales value of LE700 million, said Eng. Ahmed Selim, Chairman of Company.
He added that the company has completed the marketing of the first phase of the project with sales amounting to LE700 million despite the coronavirus pandemic and its repercussions – a matter that reflects the uniqueness of the project.
“Lake West” comprises of a unique group of 250 villas, that will be offered at prices starting from LE3.5 million with installment periods of up to 8 years.
“The construction work is in full swing and the completion rates have reached about 30% so far,” he said, unveiling that the company intends to start delivering units by 2022.
He stressed that the implementation is meeting the preset time schedules while taking into account all precautionary measures necessary to protect workers.
Spanning an area of over 43 acres, the Lake West Project includes 250 villas of different spaces. It also features a service area that contains 2 shopping malls and a hospital. The built-up area does not exceed 15% of the total area while the rest consists mainly of greenery, he said.
He pointed out that real estate projects in West Cairo are growing at a steady rate and that the demand is matching the supply. Moreover, the entry of many major developers there in the past period will raise competition in the region.