Pyramids Developments uncovered the latest marketing offers for selling administrative units in Paris East Mall, the company’s largest commercial project in New Administrative Capital, specifically in MU23 the most distinctive and specialized commercial area in the city.
The mall is being established on an area of23, 600 thousand square meters, with a total construction area of 85,000 meters. The Paris Mall investments are worth EGP 2 billion.
The company decided to put the administrative units of the project for sale after the great success achieved by selling all commercial units, yielding EGP 800 million pounds sales in just two weeks.
Eng. Hisham El Khouly, Chairman of Pyramids Developments, said that the board of directors decided to open the administrative units, totaled 60, 000 sqm, in Paris Mall for sale with only 20% down payment.
He added that the first installment will be paid after the delivery of the unit to the clients, who will not be committed to pay any dues further except the down payment and 10% as a maintenance deposit.
He pointed out that the real estate market is experiencing a state of slowdown in sales, due to the impact of economic reform decisions, which in turn requires innovative facilities for enhancing customer service, pointing out that the offer announced by Pyramids is non-recurring in the market and maintains the pace of long-term investment in the real estate sector.
El-Khouly added that Pyramids will be responsible for leasing and managing the customer's unit in return for a profit rate of about 18%, adding that Pyramids has contracted with specialized companies and offices from outside and inside Egypt to manage the malls owned by the company.
Al-Khouly stressed that the malls of Pyramids are witnessing an unprecedented high demand thanks to the great confidence of customers in the company's view that always seek to provide multiple areas starting from 18 meters and payment systems up to 10 years without adding interest rates.
He added that Pyramids is building four large commercial malls in the New Administrative Capital (NAC); Paris Mall, La Capitale, Champ Elysees, and Grand Square.
"The Paris Mall comprises of commercial, administrative, and clinic units with 0% down-payment and instalments over 15 years," El Khouly said.
El-Khouly pointed out that the company’s investments within the New Capital hit approximately EGP 6bn, including, La Capitale compound and La Capital Mall, an administrative, medical mall inside the New Capital, Grand Square Mall, Champs Elysees Mall, and finally Paris Mall, the largest in the New Capital.
He concluded that Pyramids also plans to establish serviced apartments in the Fifth Settlement, New Cairo, in addition to studying the implementation of a giant industrial project in 10th of Ramadan City.
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