Mexico's inflation exceeds expectations in 1st half of April    Egypt's gold prices slightly down on Wednesday    Tesla to incur $350m in layoff expenses in Q2    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Tameer Real Estate to erect new compound
Daily News Egypt Published in Daily News Egypt on 17 - 07 - 2012


By Ahmed Samir
The Tameer Company for Real Estate Investment (TCREI) plans to commence the construction on a new housing compound in the Fifth Settlement in New Cairo that will include 25 buildings and a mall.
The project is expected to cost approximately EGP 50 million.
Basem Ghoneim, a sales official with the company, said that they had received a proposal from individuals that own land in the Fifth Settlement to participate in the project.
The individuals will be 40% partners in the project with TCREI making up the remaining 60%.
The new compound will occupy 12 acres and the company plans to begin construction before the end of the current year.
Ghoneim said that the company is currently holding negotiations with the landowner to increase the company's share to 70%.
He added that the cost of a single building will reach EGP 1.25 million whereas the investment value of the mall will be EGP 15 million.
He noted that the company had prepared a three-year expansion plan in the Fifth Settlement, El-Shorouk City, and El-Obour, where land prices were lower than in other municipalities.
Ghoneim added that discounts and other deals on its housing units, including immediate delivery are being offered.
The company is also offering housing units in the fifth district of El-Shorouk City for EGP 950 per square metre instead of EGP 1,250.
The units start at 100 square metres but are available in a variety of areas.
Units in El-Shorouk City are priced between EGP 1,300 and EGP 2,700 per square metre for units ranging from 100 to 500 square metres.
TCREI recently delivered 15 apartment buildings in the three cities and plans to deliver a new apartment building in El-Obour for units that range between EGP 2,000 and EGP 2,400 per square metres.
Ghoneim predicts that TCREI's sales will decline 60% this year, the same rate as last year, because of the political events that have caused foreign investors to flee the Egyptian real estate market.
He noted that 90% of the company's sales in the last two years were to Egyptians living abroad.

Clic here to read the story from its source.