Concept Development launches the 2nd New Capital project with investments of EGP 260 million
Egyptian property developer Concept Development has launched its second project in the New Administrative Capital (NAC), named SENET 2, with investments worth EGP 260 million.
The project consists of 210 units of different sizes, and serves as an expansion plan for the development of several projects in the coming period.
Concept Development President Ehab Aboelmagd said that the SENET 2 project is a mixed-use shopping center project consisting of 11 floors and includes units of various sizes ranging from 20mÂ² to 750mÂ².
Speaking at a press conference, Aboelmagd said the company aims to complete the sale of the project within two months.
He noted that construction work on the project will begin this year, with the project expected to be delivered within three years.
In addition, the company offers various payment systems that meet the needs and purchasing capabilities of the target customer. Therefore, Concept Development offers payment systems starting with a 10% down payment and payment plans of up to 10 years without interest, said Aboelmagd.
The company also offers investment systems with a rental yield of up to 45% in three years. This is in addition to the provision of an insurance system in cooperation with the German life insurance company Allianz for its clients, as part of the Concept Development plan to support its clients and provide all the elements of quality in his projects.
âConcept has contracted with Uni tech Facility Management (UFM) to operate the shopping center, to ensure that the quality of the project is maintained after its operation and to preserve the investment value of the project,â said Aboelmagd, â The company launched its first project, SENET located in downtown CNA, with total investments worth EGP 200 million, comprising nine-story business, administrative, medical units and a garage.
He also said the company has developed a strong sales plan this year, targeting revenue of EGP 530 million which can be increased if new projects are added to the company’s portfolio.
Aboelmagd also revealed that the company paid around 20% of the land installments to Administrative Capital for Urban Development (ACUD) without late fees.
The company’s total investments are estimated at EGP 920 million, spread over EGP 460 million in two projects at NAC and EGP 460 million in projects along the north coast.
For his part, Al-Mutawakel Ahmed, vice president of concept development, said the company has launched the third phase of its Siela project on the north coast which includes 140 units of various spaces.
Al-Mutawakel added that the company aims to complete the sales phase by the end of this year, noting that it is expected to deliver the units within two years. In addition, the company offers payment systems with 0% deposit and installments up to 100 months.
He explained that the company will deliver the first phase of the project this year, the second phase next year and the third and final phase two years later.
Siela is built over an area of ââ10 feddans, and is made up of approximately 700 units in addition to commercial and recreational units. It includes chalets from 45 mÂ² up to 100 mÂ². In addition, all units of the project are fully finished, with a built-up area not exceeding 28% of the total project area.