Egypt’s Hassan Group for Trade, Industry, and Contracting, a subsidiary of Adel Hassan’s AMHT Group, has launched its very first real estate project, called Viola in New Cairo’s El Banafseg city.
The Viola project is meant to serve a real need in the market, with its location being one of its key competitive edges. The company was aiming to target areas that lack commercial or administrative buildings, according to the company’s press release.
"The location of Viola, we believe, is very distinguishable, taking into consideration the lack of similar projects in the target area, be they for administrative or commercial purposes. We were looking to meet the needs of the residents of this area," said Hassan, chairman and CEO of the Hassan Group.
Hassan is an Egyptian-Kuwaiti investor and is currently at the helm of Hassan Holding Group, which owns and manages Hassan Group along with other subsidiaries.
VIOLA DETAILS
With an initial investment cost of EGP 600 million, the Viola project will feature a four-story, multi-purpose building spanning an area of 14,000 square metres.
According to the release, the expected sales turnover of the Viola project amounts to EGP 800 million.
The company also added that the pre-construction processes are scheduled to commence in three months, while the handover of units is expected to take place within a two-year period.
In light of rising real estate costs, the company tends to offer flexible payment schemes to attract buyers, allowing them to pay in manageable installments over four years for a 20 percent down payment and five years for a 25 percent down payment.
The company has collaborated with Arkan, an engineering consulting firm, to design the project, and MRP, which will act as the project manager. It is worth noting that both Arkan and Hassan have previously worked on developing a project outside Egypt.
EXPANSION
The project is part of the company’s long- and short-term strategy to expand its footprint and suite of offerings in its home country and the GCC region.
In its statement, the company said it has plans to launch several commercial and administrative projects in other cities of New Cairo’s Fifth Settlement and the New Administrative Capital (NAC) at a total investment cost of over EGP two billion.
"We aim to deliver in-demand, premium real estate projects to help build trust with our customers and provide them with the highest levels of confidence in our upcoming project," Hassan explained.
Hassan Group also aims to see through its underdeveloped projects to maximize returns.
