Concept Real Estate Group plans to complete selling Siela North Coast’s units before next June, according to the company’s Chairperson Ehab Abou El Magd.
Abou El Magd said the Siela’s first phase will be delivered by the end of this year.
He added that the company has marketed about 70% of the project so far, including the first and second phases, in addition to about 10% of the third phase.
Siela is built on an area of 10 feddan in the Kilo 57 Alexandria/Matrouh road. It includes 600 chalets with different spaces ranging from 45 to 100 sqm, with a construction rate of 28%, including commercial and administrative units.
Abou El Magd said the company plans to develop another project in North Coast in the comping period. In addition, the company currently studies the lands that the Ministry of Housing provides under the new land allocation system, especially in East Cairo.
He stressed that the new allocation system is better for both developers and the ministry, where it allows companies to apply for lands any time instead of waiting for the ministry’s auctions.
This system eliminates land hoarding as it became available all the time.