(MENAFN- Daily News Egypt) Beta Egypt for Urban Development announced the handover of the 1st and 2nd phases of its project Beta Greens New Cairo in Mostakbal City.
This announcement came during the press conference held by Beta Egypt, inside the headquarters of Beta Greens New Cairo project in Mostakbal City.
Beta Egypt Chairperson and Managing Director Alaa Fikry stated that the company has so far directed investments worth EGP 2bn in the Beta Greens New Cairo project, and that 100% of the construction works for the 1st and 2nd phases have been completed and the project's 3rd phase is currently constructed.
He expected that the project's investments would exceed EGP 3bn, with the development of the commercial zone and services, due to the recent changes in building materials prices.
He indicated that the company has obtained conformity from the Urban Communities Authority for the units being delivered, and is keen to finish and deliver the units to the clients on time and with specifications that exceed the contracted ones.
Fikry noted that the company was keen to accelerate the construction rates of the Beta Greens New Cairo project and to apply precautionary policies in marketing the project in order to avoid disturbances and price increases in raw materials.
He further explained that the company has completed marketing 75% of the total of the 1st and 2nd phases, and about 80% of the 3rd phase.
Fikry explained that the company offered the 1st and 3rd phases units, semi-finished, but the 2nd phase, fully finished, within the framework of the company's keenness to meet all customers' needs.
The Beta Greens New Cairo development, which started in September 2019, is located in Mostakbal City, New Cairo on 25 feddan, and includes 672 housing units as well as a villa district that includes 62 villas. In addition to, a commercial area, a sports club on an area of 9000 meters, a social club, and a mosque, as well as a swimming pool.
Fikry disclosed that Mostakbal City is one of the smart cities that comply with the country's trends towards technology and sustainability, as facilities are managed and services are provided with the latest technologies, to offer a smart and sustainable life.
About financing, Beta Egypt Chairperson affirmed that self-financing accounts for the largest percentage of the total sources of projects funding, and there are strong relationships and trust from banks and banking institutions as a result of Beta Egypt credibility and commitment that the company has obtained soft loans facilities worth EGP 200m from the Housing and Development Bank, MIDBANK Egypt, and QNB Alahli, and they have not been fully used.
Beta Egypt has been working in the real estate sector for 30 years and owns a diverse portfolio of residential, commercial, administrative and sports projects, including in West Cairo, Beta Gardens, Beta Greens, and Golf Corner Mall as well as Beta Sports Club. In East Cairo, the company has developed Golf Palace and Golf House projects, in addition to Beta Greens New Cairo. The company's current investment portfolio exceeds EGP 4bn, its authorized capital is EGP 500m, and the paid-up capital is EGP 115m.