Eastern Developments intends to launch its new Genova residential project, located in Sheikh Zayed, with investments worth EGP 3bn this month.
Eastern Developments Chairperson Mohamed Talaat Abu El-Nasr said that the project is spread over an area of 20 feddan, and that the project masterplan has had all approvals issued.
At a press conference on Sunday, Abu El-Nasr also said that the company will begin construction work on the compound this year.
He added that Eastern Developments plans to direct EGP 100m into construction work during 2021, and that it has begun earthwork on the site.
Abu El-Nasr said that the company has developed an expansion plan for a package of new projects located in west Cairo during the coming period. The company already has a land bank that enables it to develop more project in that region.
For his part, Hisham El Fouly, Head of Sales at Eastern Developments, said that the Genova compound includes 768 residential units with areas ranging from 126 sqm to 220 sqm. He added that that the company is targeting EGP 1bn in sales at the project in 2021.
El Fouly also said that the project’s marketing plan has been developed to include various payment mechanisms commensurate with the purchasing power of target customer.
This includes payment systems extending to 10 years with a 10% down payment, in addition to guaranteeing a resale profit of no less than 5% annually and 25% for renting serviced-apartments.
Magdy Matar, general consultant at the Genova project, said that the development’s engineering designs were developed to suit all customer tastes.
It includes utilising the entire unit space, in addition to distributing units over the total area of the project and distributing areas of services to make Genova an integrated project that includes all activities and services.
