Pyramids Developments Aims to Benefit form CBE Initiative: El-Khouly

Eng. Hisham El Khouly, Chairman of Pyramids Developments, said that the company board of directors is studying a number of new payment systems on the Egyptian market in order to stimulate the market, expand the customers' purchasing power, and take advantage of the real estate funding initiative adopted by Central Bank of Egypt (CBE).

In press statements, he pointed out that the role of the real estate developer is to support the Egyptian pound and contribute to stimulating various economic activities, especially the real estate sector, pointing out that Pyramids Developments is characterized by new marketing ideas and the creation of easy and non-exhausting payment systems for customers.

Al-Khouli indicated that the entity aims to benefit from the CBE initiative, noting that it is the only solution to increase the purchasing power of customers during the coming period via providing financing with low benefits, noting that this initiative will bridge the gap between the customer and the company, in the light of high real estate prices.

He pointed out that low-interest real estate funding will contribute to encouraging customers to buy real estate in installments over long periods, which will positively affect the market.

The initiative will open the door for entering a target segment of developers, which were far from the market due to the high real estate prices, explaining that the market aims at meeting customer demands, according to Chairman of Pyramids Developments.

He also added that CBE initiative along with the decline in building materials prices and industry inputs will lead to a boom in the real estate market during the upcoming year driven by providing units to customers with easy payment systems in conjunction with the opening of the first stages of the new cities of El Alamein and the new administrative capital (NAC).

Al-Khouly pointed out that the sector is still awaiting many government initiatives related to the real estate financing sector, which is the only way out of the current crisis, reflected in the low volume of sales throughout the year for many companies, especially those that adopt traditional methods in marketing and installments’ paying.

It is worth mentioning, Pyramids Developments announced last month its latest marketing offers for the administrative units of its huge project "Paris Mall".

The project is considered the largest commercial and administrative mall in the NAC and will be built on an area of 23 thousand and 600 meters, with an expected investment value of EGP 2 billion.

The company decided to put the administrative part of the project for sale after the great success achieved via selling all the commercial units, gaining EGP 800 million in only two weeks from the date of the reservation’s opening.