Beta Egypt for Urban Development will launch its first project in El Mostakbal City near New Cairo for booking before the ending of the current year, according to the company chairperson Alaa Fikry.
Fikry told Daily News Egypt that the company is waiting for the ministerial decision to start the construction process, expecting the issuance of the decision within two months.
Fikry added that the company intends to implement an integrated residential project supplied with services in El Mostakbal City with investments of up to EGP 5bn over five years.
The project has 3,000 housing units distributed on four phases and includes a neighbourhood consisting of twin houses and 100 villas.
Fikry noted that the company will work to deliver the first phase of its project after 36 months from the implementation date.
In April, the company signed a contract to develop 356,000 sqm (84.7 feddans) in El Mostakbal City, in direct agreement with the owner of the project, El Mostakbal for Urban Development Company.
The company designed the project in a competition between international consulting firms to choose the best design. The company aims to establish a project of innovative designs in the modern architectural style, according to Fikry.
He added that the designs have taken a lot of effort and time to come out in a way that suits the needs of customers.
“The company does not have loans to banks, nor does it intend to obtain loans currently,” said Fikry. “The current interest rate results in losses to the company in case of borrowing and will not achieve a profit margin.”
He pointed out that the company handed over the first phase of the Beta Greens project, and the second phase is being delivered in the current month.
He noted that within nine months, all phases and the project’s landscape will be delivered.
Fikry added that the company has increased units prices with an average of 35%, expecting prices to increase again before the end of the current year, citing the rise in prices of steel and cement as the reason.
Regarding the offer of affordable lands by the state in Upper Egypt, Fikry said the company will participate immediately after the offering, in case there are clear conditions and a specific vision for the offering.
As for projects in the New Administrative Capital, Fikry explained that once good opportunities are found, the company will apply.
Beta Egypt Development Company is a real estate development company that has been operating for 25 years. The company has handed over several integrated residential projects in the Egyptian market, including Golf Palace and Golf House in Obour City, as well as Beta Gardens, Golf Residence, and Beta Greens in 6th of October City.