Tabarak Holding Company, a privately-owned Egyptian real estate developer, said it established a new firm that will take on the construction of a EGP 600m residential compound to meet a housing dearth.
Tabarak’s chairman Ali Al-Shorbani said a subsidiary named “New Horizon” will launch in May a project that entails 1,300 housing units as a part of a residential compound dubbed “Capital East”, according to a company statement.
The residential units will be “ideal, diverse and with a high-quality finishing to meet youths’ needs, and to be an efficient step towards merging integrated housing and moderate prices”.
The group, which already has at least 12 units under its umbrella, is also developing and constructing the EGP 3bn “90 Avenue” in New Cairo, which it plans to complete by the end of 2017.
But unlike this project, Al-Shorbani said that Capital East is not targeting a profit margin, but aims to create integrated residential units offering entertainment factors to serve middle-class residents.
He further noted that the designs were completed and construction work has begun at the site, and will be fully ready within three years.
Capital East will be in Nasr City, with easy access to other parts of Cairo, Al-Shorbani said, affirming that the firm will not reduce its quality standards, but will be maintaining its high standards of finishing and raw material. He added that, upon the request of many clients, the company is considering applying a mortgage system.
Tabarak was among the first real estate companies to offer clients the option of installing payments over five years.