Pyramids Developments invested EGP 450m in La Capitale project so far

03 Dec 2018

Company sold approximately 450 units of total 685 units, 10% to foreigners

Hesham Elkhouly, chairperson of Pyramids Developments, said that the company has directed investments of EGP 450m in La Capitale project in the New Administrative Capital, and the company targets to raise this amount to reach EGP 1bn in the coming two years.

Elkhouly noted that the total investments of the project reach EGP 1.5bn, adding that the company will begin the project’s construction work in December.

Additionally, he pointed out that the company has completed 55% of the total project marketing, comprising of 67% of the project’s units, 10% of which were sold to foreigners. Furthermore, the company intends to complete marketing of the first and second phases of the project by mid-December.

The company has sold approximately 450 units of the total 685 units, and their sizes range between 67 sqm and 241 sqm, elaborated the chairperson.

Furthermore, he revealed that the company has contracted with three banks, namely the Arab African International Bank, the Commercial International Bank, and the Qatar National Bank to start a financing programme for customers who want to own a unit within La Capitale.

He announced that the company owns three commercial malls in the capital, one of which is a commercial administrative mall in the Business District on an area of 9,500 sqm, while the second mall is on the outskirts of La Capitale, and the third mall is on 8,500 sqm in R7. Moreover, the company plans to establish a French school as well as a hospital.

He revealed further that the company has acquired 24 acres to launch La Capitale 2 project, as the company has paid a 2% down payment of the land value.

“The company has paid the first installment of the land value amounting to EGP 250m in 5 plots of land, and the total value of the lands obtained by the company in the project reached EGP 800m,” Elkhouly pointed out. “We are studying a partnership with a company to develop a 36-acres project in R7 in the New Administrative Capital.”

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