(MENAFN- Daily News Egypt)
Margins Developments has unveiled its latest residential project, Lusail, located in New Cairo. Spanning 35 feddans and with total investments exceeding EGP 15 billion, Lusail is set to become one of the key developments in the area.
During a press conference, Mohamed El Aasar, Chairperson of Margins Developments, shared that the company's diverse portfolio aligns with its strategic expansion plan, focusing on high-potential, profitable investment areas. The Lusail project is strategically positioned in the 6th District of New Cairo, one of the city's most desirable locations.
Ashraf Shaheen, Vice Chairperson and CEO of Margins Developments, explained that the project will feature modern, sustainable architecture, with the built-up area covering no more than 16% of the total project area. The remaining space will be dedicated to green spaces, artificial lakes, and a range of essential and recreational services. The design ensures optimal use of interior spaces for a comfortable living experience.
Shaheen also highlighted the company's ongoing projects, including ZIA Business Complex in the New Administrative Capital, Egypt's first business complex to receive a WELL certification from the International WELL Building Institute, and Oaks Egypt, which will feature the first hotel in Egypt owned by Minor Hotels, a global hospitality group with over 530 properties in 54 countries. He noted that 40% of the Oaks Egypt project has been sold to foreign clients. Additionally, the Sheraton Residences project in Mostakbal City, New Cairo, will be one of only eight residential developments globally to carry the Sheraton Residences brand within an integrated community.
Ali Gaber, VP Commercial at Margins Developments, added that Lusail will offer a variety of residential spaces, including studio apartments, one-bedroom units, four-bedroom units, and duplexes, to cater to all customer needs. The project will also feature fully finished serviced units. Key amenities include a 4,000 sqm social club, 5,000 sqm of swimming pools, a mosque, sports fields, a commercial area, and a luxury hotel. The company is currently in talks with one of the largest hotel brands to manage the hotel and serviced units, ensuring maximum operational efficiency and strong returns on investment.
Gaber revealed that only 15% of Lusail's units will be released in the first offering, with a sales target of EGP 2.2 billion. Competitive payment plans will be available, with options starting at a 5% down payment and terms of up to 10 years. Prices will start at EGP 49,000 per square meter, making Lusail an attractive choice compared to other projects in the area. The company conducted a comprehensive market analysis and feasibility study, taking into account inflation trends to ensure value for money. Gaber also noted that the pricing strategy is reviewed quarterly to adjust for market changes.
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