Cairo-Press release Engineer Sherif Othman, Chairman of the Board of Directors of the real estate and tourism investment company Grand Plaza, announced that the company has completed 80% of the first phase of the Lamirada Al Mostakbal project, with delivery set to begin in the middle of next year.
The company is now targeting the launch of the second phase, “Mirasol”, which will include 140 units spread across 9 acres, with 80 townhouses and town corners starting from 257 square meters and 60 duplex units starting from 198 square meters. Othman pointed out that the company is always working to meet the increasing demand in the market and to provide real estate products that are suitable for customers’ needs.
Othman also stated that the targeted sales from the launch are estimated at approximately EGP 800 million, in line with the company’s sales and marketing plan that is tailored to the current market situation. He noted that the recent period has witnessed a great demand from customers for the Al Mostakbal City project, coinciding with the start of companies delivering their projects, and with the Future Urban Development Company, “Medar”, completing a large percentage of the facilities and roads within the various stages of the project according to the set schedule.
The company has also completed the full payment of the Lamirada Al Mostakbal project, which is being developed on an area of 28 acres with total investments estimated at about EGP 4 billion. Othman confirmed that Grand Plaza has achieved significant progress rates in the project, with the execution rate of the first phase reaching 80%. He added that the company has directed all cash flows towards construction work, and it is planned to begin delivery in the middle of next year.
The project will include a commercial hub, recreational areas, and a clubhouse to serve the project’s residents and surrounding areas. Othman explained that the company seeks to take advantage of the liquidity currently available in the market, especially the savings that their owners wish to direct towards purchasing real estate units as a safe investment. Therefore, the company has developed flexible payment systems that enable customers to achieve a high and safe return on investment, while achieving the company’s investment goals.