Cairo Capital Developments has sold out 80% of Lake West project in Sheikh Zayed City, west Cairo. It plans to complete marketing the entire project in 2022.
Chairman of Cairo Capital Developments Yasser Khalaf said that west Cairo area enjoys a strong and real demand for various residential segments, added that Lake West project is distinguished by its unique location and diverse spaces that meet needs of target customers.
Khalaf pointed out that the company has begun construction works on the project, which is one of the company’s strength factors and enhances the company’s credibility and contribute to attracting a larger number of customers.
He further noted that client has become aware enough to search for a serious developer who has financial and technical solvency that enables him to develop projects according to specified date.
Lake West project, which covers 43 acres, is located in New Sheikh Zayed City on the Waslat Dahshur Road and enjoys many surrounding services. The company is developing the project with investments worth EGP 1.5bn, which is self-financed. According to Khalaf, the Lake West Compound will be delivered within 3 years.
“The company offers competitive payment plans starting from 0% and installments up to 8 years, with units’ spaces range from 256 and 385 sqm, in addition to 12 commercial units,” he said.
He disclosed, “The president’s decision to ban marketing projects until after completing 30% is considered one of decisions that maintain the strength of real estate market, preserve customers’ investments, and filter companies in the market. Further, it is better to put more controls to protect this huge sector, especially with the expansion of urban development is being carried out by the state.”
Egypt’s real estate market is able to absorb more projects due to strong and real demand, as well as, with the continuation of the state’s initiatives that support the entire market, he noted, explained that the latest of which was mortgage financing initiative with an interest rate of 3% for a period of 30 years. This initiative contributes strongly to revitalize property market and bridging gap between purchasing power and selling price for customers.
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