The National Bank of Egypt (NBE) and Banque Misr have announced the launch of their new real estate project, Gardenia City, which has received investments amounting to EGP 26bn.
The Al Ahly Sabbour alliance with Founders, a subsidiary of Hyde Park Development, is responsible for sales operations and the development of marketing plans for the project.
The project, located on the Suez Road and the Ring Road, is built on an area of 513 feddan, and is comprised of 19,500 units starting from 120 sqm in area. The project also features 100 independent villas and about 80 twin houses.
A three-storey commercial mall covering an area of 100,000 sqm also features in the project, in addition to a mosque and church equipped to receive residents. This comes in addition to a 45 feddan sports club, a luxury hotel consisting of 120 rooms, as well as a 28 classroom Japanese international school and a 42 classroom national school.
Hisham Okasha, Chairperson of the NBE, said that in launching the project, the bank aims to provide new housing complexes, including units that meet the needs of customers. As part of this, the project combines the availability of various services as well as the site’s excellence.
Banque Misr Chairperson Mohamed El-Etreby said that his bank continuously seeks to support Egypt’s real estate sector through direct and indirect investment opportunities in various activities.
Whilst noting that these come in in line with the country’s development plans, El-Etreby noted the bank’s keenness to support the state’s plans to achieve comprehensive development and provide adequate housing for individuals.
Hassan Ghanem, Chairperson of Hyde Park Development, and Housing and Development Bank (HDB), said the two banks have selected Al Ahly Sabbour and Hyde Park to take over sales and marketing of the Gardenia City project.
The choice reflects the company’s position and strength in developing and implementing marketing plans, in order to achieve strong sales ratios.
Ahmed Sabour, CEO of Al Ahly Sabbour Development, said that the project is one of the largest real estate projects in Egypt. It includes fully finished units ready for delivery for the first time in the domestic real estate market.
NBE Vice-Chairperson Yehia Aboul Fotouh said that the total investment in the project exceeds EGP 26bn. He noted that the project meets all the conditions set out by the Central Bank of Egypt (CBE) initiative for real estate financing, which provides citizens with comfortable payment methods of up to 20 years.
He added that both the NBE and Banque Misr were keen to provide opportunities for those wishing to buy units to obtain real estate financing with easy payment procedures and terms. These loans will be granted by trained work teams to serve the project’s target groups.
Akef Al-Maghreby, Vice-Chairperson at Banque Misr, said that the project will allow individuals, especially Egyptian youth, to obtain suitable housing units on easy terms. They will be able to do so through the CBE’s real estate financing initiative, with the latter also providing mortgage loans with its various programmes that suit different segments of society.
Amin Serag, Managing Director of Hyde Park Development, emphasised the importance of cooperation between real estate developers during this period. He said that it requires concerted efforts on their part to revive the domestic real estate market, in line with the state’s tendency to revive all sectors.
Tamer Erfan, Chief Investment Officer at Al Ahly for Real Estate Development, said that there is, for the first time, a strong and unique alliance between the two most powerful banks in Egypt and major real estate developers. He noted that this will be the beginning of further strong alliances that the Egyptian real estate market needs in the coming periods.