Beta Egypt for Urban Development has agreed with the Commercial International Bank (CIB) and the Egyptian Housing Finance Company (EHFC) to fund the construction of residential units at the Golf Residence project in 6th of October City, according to Beta Egypt Chairman Alaa Fikry.
“The agreement came to facilitate services for customers, and to stimulate real-estate financing, which is among the prominent mechanisms that are expected to push sales forward, and to achieve targeted growth rates in the real-estate sector, once obstacles have been removed,” said Fikry.
According to Fikry, who is also a Board Member at the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC), the decision to offer real-estate mortgages for the residential units of Golf Residence project was made because the project is almost fully implemented and contains many completed units. This corresponds to the terms of real-estate mortgaging, as it does not fund units under construction.
According to the agreement, if the customer wishes to take out a mortgage, they pay 50% of the unit’s price in advance and the rest in instalments over four years. The first two years are interest-free, with interest only paid from year three, Fikry added.
He emphasised that the company seeks to complete the remaining construction work and to deliver the entire project during the first half of 2016.
Golf Residence exists on an area of 22 acres in October Gardens. The project’s constructed area amounts to 18% of the total area, with the rest devoted to services, including green spaces, mini-golf facilities and a sports club, complete with a swimming pool, football grounds and a community building.
The project also includes a medical centre, nurseries, a shopping area, security services and compound maintenance.
The development includes 850 residential units with areas ranging between 135 sqm, 175 sqm and 200 sqm.
Approximately 50% of construction on the Beta Greens Project has been completed. The compound is built on 20 acres area in 6th of October City, Fikry said.
Beta Egypt for Urban Development was found in 1993, with EGP 500m of authorised capital, while currently the paid-up capital amounts to EGP 77.5m. The company has implemented other projects, such as Golf House, Golf Palace and Beta Gardens.