TBK Developments inks two deals with EBE and Tamweel PC
Aly Sherbany: The two agreements seek to ease the financing of housing units to the advantage of the company’s clients against reduced rates and long-term repayment schemes as regards the 1st phase of 90 Avenue.
To keep pace with the state-sponsored strategy supportive of mortgage financing and conducive to meeting people’s needs, TBK Developments announced the signing off of two cooperation agreements with both Export Development Bank of Egypt (EBE) and Tamweel PC. These moves came to crystalize TBK Developments’ keenness on catering tocustomers’ needs and backing the State’s orientations, as the Central Bank of Egypt’s latest initiatives have contributed immensely to meeting needs of a large swathe of clients and whipped up installment purchases of real estate units, together with the provision of long-term repayment schemes favorable for a wide segment of clients. Putting that in mind, TBK Developments was the first 5th Settlement-based company that provided its clients with distinctive financing solutions for Avenue 90 project.
Chairman of TBK Developments Aly El-Sherbany expressed his pleasure at maintaining such elevated cooperation, as he noted that the company seeks to enter myriad partnership agreements so as to serve better its clients. “ TBK Developments seeks to facilitate for clients the ownership of housing units to their liking at Avenue 90, which is deemed as one of the best high-end projects in the 5th Settlement, he continued, added that the state supports mortgage financing and takes serious steps in respect to urban development in general.
El-Sherbany explained that financing agreement with EBE provides financing schemes at no more than 8% interest rates with up to 20 years maturity and comfortable banking procedures for clients, pursuant to the set of facilities unleashed by CBE.
Further still, the 2nd agreement with Tamweel PC eyes clients desirous to obtain relatively long-term financing, as it provides up to 15-year repayment schemes at competitive rates and varied installment plans.
It’s noteworthy to say that Avenue 90, situated in the heart of 5th Settlement at New Cairo, has turned it into a hot spot for home-seekers. The project comprises of up to 1450 housing units and includes spaces of up to 60,000m that can optimally serve commercial and recreational purposes, as well as 25,000m area allotted for offices. On top of that, there is a shopping mall with up to 60000sqm and a built-up area of 25000sqm. The 1st phase has been fully delivered and handing out the second phase starts early March this year. The 3rd phase is scheduled to be delivered in 2023, while early July 2023 will see the onset of construction works for the shopping mall and offices and finally the completion of the whole project will take place in 2024.
Profile of TBK Developments
TBK Developments, founded to serve the purpose of investing in real estate development, is equipped with a vision for creating fully serviced residences with innovative solutions in the Egyptian real estate market so as to cater to clients’ preference for high-end constructions and finishing. TBK Developments owns a land portfolio amounting to 5 million sqm spaces in strategic locations inside Egypt, as 90 Avenue and West Avenue take place in New Cairo and Sheikh Zayed respectively. The company’s investments reached more than EGP16bn.
The company has up to 9000 clients with more than 4500 units being handed out. TBK Developments has branches in Saudi Arabia, Kuwait and Abu Dhabi and expanding into other places is in the making.
