Re developments announced the launch of the second phase of its Y21 project in the Fifth Settlement, with an investment cost of EGP 500 million and a targeted sales value of EGP 750 million.

Engineer Ahmed Khattab, the company’s CEO, explained that Re developments has the lead and precedence in implementing the first commercial, administrative and medical project in the Jasmine area in the Fifth Settlement, which is the Y21 project, which is distinguished by its unique and distinguished location in front of Petro Sport Club and the third number in the area, which makes it very easy to reach

Khattab added that the total area of the project is 1800 square meters with a construction rate of 40% and it is a commercial, administrative and medical project consisting of two phases. The first phase was launched last May and the project received unprecedented demand.

The company succeeded in selling about 60% of the project. The second phase is currently being launched, which is a distinguished administrative project for 9 fully finished units with air conditioners and a panoramic elevator for the phase and a private entrance for each unit with areas And various divisions to suit all customer needs and a separate bathroom for each unit.

Noting that a contract was signed with the engineering consulting office Art Line, one of the largest engineering and architectural consulting offices in the Egyptian market, which provided unique and simple engineering designs and even energy saving.

Negotiations are underway with a group of major management companies to assign them the management and operation of the project.

Engineer Ahmed Khattab added that the company took into account the development of flexible payment systems to facilitate its customers, as it was the first company in the region to introduce the “Your Down Payment Discount” system, where the discount percentage is the same as the down payment percentage paid by the customer.

However, due to the current market conditions, this was changed to granting the customer a 10% discount if he pays 10% down payment and installments up to 5 years. If he pays 15% down payment, he is granted a 10% discount and installments up to 6 years. If he pays 20% down payment, the customer is granted a 15% discount and 6 years of installments, while maintaining the same selling price at which the project was launched.

He said that according to the project schedule, delivery will take place within 36 months, with the construction phase starting next September.

Engineer Ahmed Khattab, the executive director, revealed that the company aims to Implementing a series of projects at a rate of 3 projects annually, targeting different regions to diversify its investment portfolio and increase its customer base. According to the company’s expansion plan, a residential project will be implemented by the end of this year, bringing the company’s investments to 2.1 billion pounds by the end of 2024. The company will move to invest in 6th of October City, Ain Sokhna and the Fifth Settlement during 2025 to implement various projects between residential, commercial, administrative and medical, aiming to be among the largest real estate companies operating in the Egyptian real estate market.