Aiming at promoting a “higher class of living, Emaar Egypt will commence next Sunday public sale of its prime real-estate project, Uptown Cairo.
“Starting this Sunday, we will begin official sale of phase one of the project, which encompasses 400 residential units, said Mohamed El-Moshneb, Emaar Properties director in charge. “The first phase constitutes eight percent of the entire project and is due to be fully completed in December 2010.
The $2.1 billion project is Emaar’s first and largest real-estate development in Egypt. “Uptown Cairo is spread across 4.5 million square meters, an area equivalent to that of the Zamalek district, he pointed out. “The entire project consists of four phases and will take in 5,000 residential units. Completion of its final phase is due in the year 2013.
Most recently, the company announced its latest project, Cairo Gate, with investments amounting to $700 million. The sprawling complex will feature residential units, a hotel, a shopping mall, restaurants, and healthcare facilities. “With a frontage of one kilometer along the Cairo-Alexandria Desert Road, Cairo Gate will bring a new approach of outdoor retailing to Egypt, said Sameh Muhtadi, CEO of Emaar Egypt. “We will bring our expertise in retailing from Dubai to Egypt.
In the meantime, excavations began at the Uptown Cairo site, and construction will begin sometime this year. Well before actual implementation of the project, Emaar Egypt managed to capture a large number of buyers. So far, 90 percent of phase one has been reserved.
“Demand is immense. We did not expect such a speedy sales process which will lead us to begin sales of the subsequent phases ahead of schedule, added El-Moshneb explaining that majority of buyers was Egyptians as well as foreigners living in Egypt.
Prices in Uptown Cairo begin at LE 690,000 for the smallest apartment. In order to appeal to different segments of society – not only “upscale clients as the name suggests – Emaar Egypt provides installment plans and mortgage finance facilities.
Potential buyers will have the chance to visit Uptown Cairo’s sales center, which features virtual models and prototypes of villas, apartments, as well as various archetypes of leisure and entertainment facilities.
Situated atop Cairo’s highest point – Mokattam Hills – Uptown Cairo comprises of 11 villages featuring villas, townhouses, medium- and low-rise buildings, all built in Mediterranean, Spanish, or Tuscan architectural styles.
The pioneering master-development project will also feature commercial, recreational, and educational facilities: a five-star hotel, a shopping mall, restaurants, clubs, bazaars, spas, a golf course, swimming-pools, banking facilities, schools, clinics, and office blocks.
“What we try to do in all our projects is provide a diverse range of units to appeal to the widest segment of clientele, explained Muhtadi. “We offer different sizes of both apartments and villas with different amenities and utilities.
Muhtadi added that Emaar was Egypt’s largest private foreign investor, pouring in $5.54 billion in four mega-projects.
In addition to Uptown Cairo and Cairo Gate, Emaar Egypt has two other real-estate projects: Marassi Resort on the North Coast and another residential community in New Cairo City next to the new AUC Campus.
“Emaar is very bullish on the Egyptian real-estate market, which [embraces] one of Emaar’s largest investments outside of Dubai, said Muhtadi. “Still, [with the current real-estate boom on the Egyptian market], the market is still at its very early stages. If we did not think it was worth it, we wouldn’t make all these investments.
According to Emaar, Egypt enjoys a rich real-estate market that can absorb fierce competition. “[In fact,] we do not consider that Emaar has strong competitors on the Egyptian market, boasted Muhtadi. “A major distinction between Emaar and other developers is that we build fully-integrated communities. We give our clients absolutely no reason to leave [the premises] of the projects. Everything is comfortably located on our projects from schools, clinics, clubs, offices, banks.etc.
Emaar Egypt plans to inaugurate another sales center in the Marassi Resort during the second half of August, which will give clients the chance to virtually see true-to-type models of villas and residential units. Located in Sidi Abdel Rahman in Alamein, Marassi spreads over 1,544 acres and will host different tourist, residential, and commercial facilities. With a total investment value of $1.74 billion, construction on the project is projected to be finished within five to six years.
