The Developer X real estate company, a subsidiary of Shoura Group, has launched two projects, Ourika in Sheikh Zayed and The Muse New Cairo, according to CEO Ahmed Fouad. The company is targeting contractual sales worth EGP 1bn at both projects during the current year, Fouad added. He said that Ourika, located on an area of 16 feddans in Sheikh Zayed, is a residential project, the first phase of which is comprised of 45 villas, townhouses, and twin houses. Designed with a Moroccan eccentric that links tradition with modernity, the project features various payment systems, namely a 5% reservation payment and a 5% contractual payment, with the rest over eight years of equal instalments, he noted. "The prices for townhouses start from EGP 2.9m, and EGP 5m for independent villas, and the units are to delivered within three years of contraction," Fouad said, "Clients make a down payment starting from EGP 145,000 and a monthly instalment worth EGP 28,000." Fouad said that the second project, The Muse, is an administrative commercial project on North Teseen Street in the Fifth Settlement area of New Cairo. The project is in partnership with the Saad El Din Group, and is comprised of administrative offices with areas ranging between 80 and 150 sqm. He also said that the company plans to launch the first phase of the project in the near future, for delivery to take place within three years of contraction with the client. To achieve a high rental return on the unit that preserves the client's investment, the company offers leasing the unit for the benefit of the customer, Fouad said. All the company's projects are self-financed, hence the strong financial solvency of the parent group. Fouad added that a subsidiary of the Shoura Group will manage the company's projects in order to ensure their quality and their investment value. The company's land portfolio extends to more than 150 feddans, with the company planning to develop them in full over the next three years, Fouad concluded.
