Arabia Holding has offered over 100 units in its Galleria project, part of a Central Bank of Egypt (CBE) initiative providing fixed 5% interest rate mortgage finance for middle-income earners.
Arabia Holding Chairperson Tarek Shoukry said the company has signed a cooperation protocol with the Arab Investment Bank (aiBANK), financing customers who buy units as part of the CBE’s initiative.
Shoukry added that several other banks are looking to enter into contracts with the company, and that they are being studied.
He noted that the company has offered 100 units that meet the conditions of the initiative’s first phase, with an area ranging between 125 sqm and 150 sqm. Unit prices do not exceed EGP 2.25m for immediate delivery, which are the conditions governing mortgage finance as part of the initiative.
The Galleria project is made up of seven phases spanning over 71 feddans in New Cairo City’s Golden Square, with about 50% of the units already sold. The project includes many services and activities, including more than four swimming pools, several illuminated fountains, a club and other services.
Chief Commercial Officer (CCO) at Arabia Holding, Nader Badr, said the company is focusing on delivering and implementation ahead of schedule by a significant time frame. Not all project construction is associated with a sale plan.
Badr emphasised that the initiative is an exceptional opportunity for customers, with monthly instalment values equal to rental values. Units are sold under a payment plan of up to 20 years, at 5% fixed interest for ready-to-live-in units.
The protocol signed with the aiBANK includes facilitating procedures and required papers from clients, with the bank’s final decision taking no more than 10 days, Badr said. He added that he anticipates all 100 units will be sold within two months.
