Pyramids, ACUD to Ink Contract on Establishing Biggest Hotel Project

Pyramids Developments, a leading real estate company, and Administrative Capital For Urban Development (ACUD) will sign a partnership contract on establishing the largest tourist hotel project in the New Administrative Capital.

According to informed sources, the contract is set to be signed in cooperation with government bodies in the coming period.

It is worth noting that Pyramids Developments is building one of the biggest malls in the administrative capital, titled 'Paris Mall' on an area of 23,600 meters with an estimated investment of EGP2 billion.

The pioneering company decided to put the Paris Mall's administrative pision on sale after it had succeeded in selling all shops, achieving sales of EGP800 million in only two weeks after the opening the doors for reservation.

[caption id="attachment_74556" align="aligncenter" width="1024"] Paris East Mall[/caption]

The company started selling the 60,000 square meter-administrative pision with an advance of 20%, providing that the first installment isn't being paid after the unit is delivered to the client, but after he had rented to himself.

The company aims to benefit from the Central Bank of Egypt's (CBE) mortgage finance initiative, as it believes that it is the only solution for boosting the clients' purchasing power in the coming period.

Pyramids Developments is one of the largest real estate companies in the New Administrative Capital. It had established several projects including La Capitale compound, and four malls; Grand Square Mall, Champs-Elysee Mall, La Capitale Mall, and Paris Mall.