Reedy Group intends to begin delivering the first phase of its Azzar compound, located in New Cairo, this December. The phase accounts for 70% of the project’s units.
Karim El Reedy, CEO of Reedy Group, said that the Azzar project is an integrated residential compound, situated on an area of 25 feddan, and has received a total investment of EGP 1.5bn.
El Reedy added that the project is being implemented and delivered in two phases with a total of 152 units. He added that the project includes various units, mixed between villas, townhouses, and twin houses.
He pointed out that the company began construction on the project in 2018, and has invested EGP 1bn in the project over the duration of the past two years. The company also plans to direct a further EGP 500m into the project during the next year.
“The project delivery will be done one year ahead of schedule, as part of our plan to enhance confidence with our customers,” he said, “Azzar includes a commercial part on a leasable area of 11,000 sqm, and the company plans to lease this part and operate it by December 2021, provided that Reedy Group will fully manage the project after its completion, either through its facility management company or in cooperation with another company. The company makes a trade-off between both options.”
The company has carried out many works within the project, to ensure the level of luxury and quality for its customers. This includes the inauguration of a groundwater well to serve the project’s residents and ensure the constant presence of water.
The Azzar project is also the first project in the world without sewage sinks, depending instead on an advanced sewage engineering system.
He revealed the company’s plan to develop three diverse projects in cities along the North Coast, and Cairo’s Sheikh Zayed and the Fifth Settlement.
These will see total investments estimated at EGP 11bn during the coming five years, as part of the company’s plan to diversify its investment portfolio in terms of areas and nature of projects.
He explained that investing in the New Administrative Capital (NAC) is one of the main axes that come within the company’s expansion plan during the coming period. This comes within the expansion plan for all companies present in local real estate market, as part of the participation in the development of this promising mega national project.
It is expected to increase demand by real estate developers to invest in new areas such as Galala, Ain Sokhna and New Alamein, as they are areas characterised by availability of land at affordable prices. There is also the existence of development and strong infrastructure in these new cities, along with the state’s encouragement for developers to invest in these areas, El Reedy said.
Technology has played a vital role in completing many sales operations during the crisis caused by the novel coronavirus (COVID-19) pandemic, and has instigated many global changes.
Accordingly, technology is expected to increase the volume of online marketing in the real estate market. Many companies are expected to resort to using new marketing mechanisms in the coming period, which is commensurate with the state plan to export properties in Egypt.
