Gates Developments launches second phase of Catalan in NAC
Gates Developments launched the second phase of its Catalan New Capital project in the New Administrative Capital, east Cairo, as the project consistsof 350 housing units with investments totaling EGP800mln.
The second phase is comprisedof housing units of varying areas ranging from 107 to 382sqm for apartments and 479 to 647sqm for villas and features both apartments and twin-houses, according to Gates Developments CEO Ayman Shahin.
Marketing for the ongoing phase is scheduled to be completed by December 2020, he added.
The Catalan project is built over40 feddan, equivalent to 168,000 sqm, with a total investment of EGP 1.8bn. It is located at the heart of the NAC’s R7 area, close to the Diplomatic District and near the Russian University, Shahin noted, adding that the project is on schedule and hand-over dates remains as planned.
Shahin pointed out that about 85% of the project’s first phase has been sold out. This phase providesseveral services, including a sports club and a social club comprising of football playgrounds, a swimming pool, and a community building.
Ahmed El Desouky, Sales Manager at Gates Developments, said that green spaces in Catalan account for 78% of the project’s total area, as hand-over is planned in 2023. The project provides diverse services including a sporting and social club as well as a commercial mall and a mosque.
With marketing encompassingthree phases, the project provides up to 10-year payment schemes, he pointed out, noting that the first phase of the project was launched back in April 2019.
He pointed out that Gates’ investments exceeded EGP 4bn in two NAC projects, namely AUDAZ in the Financial Business District and Catalan in R7. These projects reflect developers’ confidence in the NAC as a promising national and investment project.
El Desouky unveiled the company’s plan to continue its successful work in the NAC, through the upcoming launch of a residential and commercial project. He added that Gates Developments plans to launch tourism projects in Ain Sokhna and the North Coast next year.
Gates Developments was established in 2018 with the purpose of developing urban areas based on several factors, the most important of which is maintaining close ties with companies in the group.
Among the latter isEl-Israa company which was founded back in 1995 to specialize in importing and distributing building materials and steel. Also, United Arab Constructions Company was established in 1995 with the aim of developing Cairo and Giza's housing and commercial projects.
