Capriole the first to adhere to the 30% presidential directive
Even before the issuance of presidential directive prohibiting the promotion of real estate projects with completion rates of less than 30 percent, Capriole Group outstripped rivals, as it was the first developer to put up for sale a project in the New Administrative Capital upon the completion of 35% of construction works.
The developer was in compliance even before the issuance of the presidential directive
Reaching that level of completion at its project LINX complex without having to do any marketing, is an astounding feat that mirrors its solvency, seriousness and soundness of its vision for the market's needs.
Chairperson of Capriole Group Eng. Mohamed Mufeed unveiled that the company's vision keeps pace with that of the state and President Abd El Fattah El Sisi.
Reservations exceeded 50 percent in the few days following putting up the project for sale
"Capriole was desirous to expand in the Egyptian market since early 2000s but it delayed taking a decision until 2014 when President Abd El Fattah El Sisi took office, owing to its staunch confidence in his own vision for development in Egypt.
The presidential directive demanding developers to build before putting up any project for sale will incentivize serious companies and will protect clients."
Once the company put up the New Administrative Capital's LINK complex for sale, reservation rates jumped to 50 percent, as the company is studying these orders in view of its keenness to attract both Int'l companies and upscale brands.
LINX complex, spanning an area of 7635 m, occupies a prime location in NAC's MU23 District, half way between the two neighborhoods of R2 and R3 and in close proximity to Embassy Neighborhood and the Central Businesses District.
LINX, a commercial administrative and medical complex, consists of 12 stories with two underground floors. The basement and the first floor are made up of 51 commercial units. Floors, from 2 to 9, include 270 administrative and medical units with investments worth EGP1,5bn.
The underground built-up area (garages) spreads over 22,500m, whereas on-the-surface built-up area spans 15,200m. The administrative units varies from 48m to 2300m, constituting a wholesome floor.
The commercial units and clinics start off at 27m and 54m respectively. Fully finished administrative and medical units with air-conditioners are set to be handed over.
Mr. Mahmoud Abd El Halim, chairperson of MREC taking charge of managing the commercial sector at Capriole Group and the marketing sector at LINX complex, said that MREC has come up with a new system for marketing in the New Administrative Capital.
The system provides clients with a real estate portfolio, the first of its kind, and encloses the purchase of a shop, a clinic and an office at EGP5, 5mln along with a down-payment of EGP300,000 in a separate contract.
Innovative marketing techniques have been mulled over with the aim of rolling out products and offers that meet the demands of searchers for investments and provide them with highest returns on investment, he explained.
Int'l codes have been observed while carrying out the project. For instance, warehouses apply world-class specifications and requirements. Spaces have been largely utilized to the maximum extent, as LINX is equipped with state-of-the-art services, such as the Integrated Security System, CCTV, BMU, FA and BM, together with a waste management system, solar cells and 8 elevators.