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As Part of their Growing Role in Supporting the Real Estate Sector...Banque Misr and NBE Launch Gardenia City Project – Suez Road… Al-Ahly Sabbour and Hyde Park Alliance “Founders” to Market the Project
Banque Misr and the National Bank of Egypt announced the launch of their new real estate development project “Gardenia City” – Suez and Ring Road – with the alliance comprising Al-Ahly Sabbour and “Founders” company of Hyde Park Real Estate Development undertaking the project’s sales operations and marketing plans.
Mohamed El-Etreby – Chairman of Banque Misr – reiterated the Bank’s endorsement of the real estate sector, which it continuously seeks to support, owing to its provision of various investment opportunities by way of direct and indirect activities, which are in line with developmental plans. Mr. El-Etreby also iterated the pivotal role played by Banque Misr in assisting all projects seeking to contribute to economic and social development; as well as creating a better quality of life for Egyptians, this being a strategic pillar of Banque Misr. The Bank consistently supports state plans that target comprehensive development and the offering of decent housing for citizens, in order to alleviate the hardships experienced by underserved sectors and improve their living standards. Accordingly, Banque Misr has enabled access to financing schemes that meet the varying needs of individuals, whether for housing projects that lie within the scope of governorates or in new urban communities, so as to limit population congestion.
On his part, Mr. Hisham Okasha – Chairman of NBE – stated that by launching this outstanding project, the Bank seeks to offer housing communities that fulfil customers’ needs, since the project renders a variety of services and commands a distinctive location. Mr. Okasha affirmed that the project mirrors the state’s efforts, which aim to expand into new integrated housing communities to alleviate the congestion of urban areas in Cairo, while also improving the quality of services provided to individuals on a daily basis; concluding that this project targets a large segment of Egyptian families and youth planning marriage.
Mr. Hassan Ghanem – Chairman of Hyde Park Real Estate Development and Chairman of the Housing and Development Bank – expressed his pride and appreciation for Al-Ahly Sabbour and Hyde Park Alliance “Founders” being entrusted by both Banque Misr and NBE for undertaking the sales and marketing operations of “Gardenia City”. He considered this to be a reflection of the company’s status and expertise in compiling and implementing marketing plans targeting the realization of effective sales; pointing to the distinctive location of the project along Suez Road and its offerings, which include 19,500 fully finished units that are ready for immediate occupation.
Mr. Ahmed Sabbour – Chairman of Al-Ahly Sabbour Real Estate Development – alluded that the alliance with Hyde Park Real Estate Development represents a valuable addition to the real estate market, especially since it is considered one of the most impactful sectors of the Egyptian economy. He added that the “Gardenia City” project is a unique endeavor, being among the largest projects containing fully finished units, while also incorporating factors of attraction; from its exceptional location, to its full suite of services, infrastructure and equipped buildings. Mr. Sabbour also expressed his appreciation for selecting this alliance and entrusting it with marketing the project to the Egyptian market.
On his part, Mr. Akef El-Maghraby – Vice Chairman of Banque Misr – stated that the project will offer individuals – especially youths – the opportunity to acquire suitable housing units at facilitated terms and conditions, through the Central Bank of Egypt’s real estate financing initiative. Mr. El-Maghraby alluded that Banque Misr provisions various real estate financing loans that cater to all social segments, thanks to their minimal terms and conditions and competitive rates.
Mr. Yehia Abou El-Futouh – Vice Chairman of NBE – noted that total project investments amount to EGP 26 billion, while fulfilling all the requisites of the CBE’s real estate financing initiative. This shall enable citizens to select from facilitated payment options of up to 20 years, which is why Banque Misr and NBE were keen on providing opportunities to potential buyers, by assigning trained teams to serve the social segments targeted by the project.
Mr. Amin Serag – Managing Director of Hyde Park Real Estate Development – asserted that “Gardenia City” is considered one of the best projects on the real estate landscape, as it commands a strategic location on the Suez axis, while being in close proximity to all major destinations and attractions. Mr. Serag further alluded to the fully finished units and to the project’s area of 513 acres – of which only 20% are built up areas. Marketing of the project by “Founders” is set to further reinvigorate the real estate market.
Mr. Serag also pointed to the importance of the collaboration amongst real estate developers during this period, for driving the Egyptian real estate market and furthering state efforts on all fronts. He commended Al-Ahly Sabbour as a robust and reliable partner with a vision that converges with that of Hyde Park, for the purpose of developing the real estate marketing domain.
Dr. Tamer Erfan – Chief Investment Officer at Al Ahly Sabbour Real Estate Development – stated that the market is witnessing - for the first time - a unique and vigorous alliances between two of the strongest banks in Egypt, NBE and Banque Misr; and two of the most renowned developers – Al Ahly Sabbour Real Estate Development and Hyde Park Real Estate Development. This can be considered the start of much-needed alliances in the Egyptian real estate market.
Worth noting is that “Gardenia City” extends over an area of 513 acres and consists of 19,500 housing units – starting at an area of 120 square meters – in addition to 100 stand-alone villas and some 80 townhouses. The project also includes a shopping mall over three levels, occupying a total area of 100 thousand square meters, a mosque, a church, a sports club built over an area of 45 acres and a 120-room luxury hotel. This is in addition to an international Japanese school containing 28 classrooms and a national school featuring 42 classrooms.
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