NBE AND BANQUE MISR LAUNCHES NEW REAL ESTATE PROJECT

Egypt’s banking major NBE and Banque Misr have rolled out Gardenia city, their new real estate project. The reports say that the two banks have received a funding worth EGP 26 billion for this project.

The subsidiary of developer Hyde Park Development, Al Ahly Sabbour has undertaken the development and sales for this project. It is located on the Suez Road and the Ring Road on an area of 513 feddan. Both twin houses and villas are being featured in this project and it comprises 19,500 units starting from 120 square meter in area. A three-story commercial mall is also comprised in this project including an area of 100,000 square meter.

This project also has a 45 feddan sports club and 120 rooms hotel. The residents apart from all these will also have access to a church and a mosque. NBE Vice-Chairperson Yehia Aboul Fotouh said to the media that, the total investment in the project exceeds EGP 26bn. He also noted that the project provides citizens with comfortable payment methods of up to 20 years by meeting all the conditions of the Central Bank of Egypt (CBE) for real estate financing. NBE and Banque Misr were keen to provide financing with easy payment procedures and terms for those wishing to buy units to obtain real estate. Trained work teams will grant these loans to serve the project’s target groups. Amid the pandemic, the sector of some economies has managed to stay resilient even though it hampered the global real estate segment largely compared to other sectors.