Real Estate Company "Eastern Developments" is preparing to launch its new residential project "Genova" in Sheikh Zayed, with investments of EGP 3 billion.
Mohamed Talaat Abu El-Nasr, Chairman of the Eastern Developments said that the "Genova" project is located in a vital site in Sheikh Zayed City and is built on an area of 20 feddans with a total investment of EGP 3 billion.
Abu El-Nasr added during a press conference on Sunday that the company will begin construction work in the compound during the current month.
He pointed out that the company plans to pump about EGP 100 million into construction work during 2021, adding that it has already started excavation work at the site.
The Chairman stated that the company already has a big experience that enables it to develop more projects in west Cairo, as it has drawn up an expansion plan for "Genova" West with over 768 residential units.
On his part, Hisham El-Fouly, Sales manager at Eastern Developments said that the Genova Zayed project will include 732 units, ranging in size between 126 and 220 square meters, including apartments, penthouses and attached gardens, adding that the company targets sales of EGP 1 billion in 2021.
El-Fouly emphasized that the project's marketing plan has been developed to include various payment mechanisms commensurate with the target customer's purchasing power, which include payment systems that extend to 10 years with a 10% down payment, in addition to a resale profit guarantee of no less than 5% annually and 25% for rental services.
Magdy Matar, Engineering consultant at the Genova project said that the engineering designs of the project were developed to suit all customers, and that the company would manage the maintenance of the project.
"The design uses the entire unit space, where the units and services are distributed over the total area of the project, making Genova an integrated project that includes all activities, services and quality accommodation for all residents," Matar concluded.
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