Egypt’s banking majors NBE and Banque Misr have rolled out their new real estate projected known as Gardenia City. It is reported that EGP 26 billion worth of funding has been received by the two banks for the project.
The development and sales for the project are undertaken by the subsidiary of developer Hyde Park Development, Al Ahly Sabbour. The project developed on an area of 513 feddan and is located on the Suez Road and the Ring Road. The project features twin houses and villas comprising 19,500 units starting from 120 sqm in area.
The project also comprises a three-story commercial mall including an area of 100,000 sqm. In addition, the residents will also have access to a church and a mosque. The project also has 120 rooms’ hotel and a 45 feddan sports club.
NBE Vice-Chairperson Yehia Aboul Fotouh, told the media “The total investment in the project exceeds EGP 26bn. He noted that the project meets all the conditions set out by the Central Bank of Egypt (CBE) initiative for real estate financing, which provides citizens with comfortable payment methods of up to 20 years. Both the NBE and Banque Misr were keen to provide opportunities for those wishing to buy units to obtain real estate financing with easy payment procedures and terms. These loans will be granted by trained work teams to serve the project’s target groups.”
The pandemic has hampered the global real estate segment like any other sector. However, the sector of some economies has manged to stay resilient amid the pandemic.