Gates Developments has announced the launch of the second phase of its Catalan New Capital project located in the New Administrative Capital (NAC), east Cairo.
The company’s CEO, Ayman Shahin, said the second phase will be comprised of 350 housing units of varying areas, and will feature both apartments and twin-houses. The total investments in the phase stand at EGP 800m. The company expects the completion of marketing for the ongoing phase in December 2020.
The Catalan project spans over 40 feddan, equivalent to 168,000 sqm, with a total investment of EGP 1.8bn. It is located in the NAC’s R7 area, close to the diplomatic district and near the Russian University, Shahin noted. The project remains on schedule, and hand-over is planned in 2023, with payment plan of 10 years available.
Shahin pointed out that about 85% of the project’s first phase has been sold out. This phase is comprised of several services, including a sports club and a social club that contains football playgrounds, a swimming pool, and a commercial mall.
Ahmed El Desouky, Sales Manager at Gates Developments, said that green spaces in Catalan account for 78% of the project’s total area. The project is being marketed over three phases, he pointed out, noting that the first phase of the project was launched in April 2019.
He pointed out that Gates’ investments exceeded EGP 4bn in two NAC projects, namely AUDAZ in the Financial Business District and Catalan in R7. These projects reflect developers’ confidence in the NAC as a promising national and investment project.
El Desouky revealed the company’s plan to continue its successful work in the NAC, through the upcoming launch of a residential and commercial project. He added that Gates Developments plans to launch tourism projects also in Ain Sokhna and the North Coast next year.
Gates Developments was established in 2018 with the purpose of developing urban areas based on several factors, the most important of which is maintaining close ties with companies in the group.