Grand Plaza Real Estate and Tourism Investment Company has launched 192 units of various sizes in the first phase of its La Mirada project in Mostakbal City. The company is aiming to achieve sales worth EGP 800 million with these units, offering semi-finished residential spaces ranging from 92 square meters to 160 square meters, distributed across seven interconnected buildings, each with a separate entrance, all designed to have a view. Prices start from EGP 2.6 million up to EGP 5 million.
Engineer Sherif Osman, Chairman of the company’s board, stated that this new offering, featuring residential apartments, is part of the project’s overall integration. It follows the successful sale of all units in the second-phase Merasol project, which includes townhouses and duplexes. Osman added that the total investment in the La Mirada project is around EGP 2.2 billion, covering an area of 28 acres and divided into three phases. The second phase comprises townhouses and duplexes under the name ‘Merasol.’
The third phase of the project includes hotel studios alongside administrative, commercial, and service sections. This phase is set to commence in the near future, following the company’s established timeline. Grand Plaza focuses on the execution process primarily, aligning with its sales strategy.
Osman emphasized that the company aims to maintain close alignment between the execution and sales rates as an optimal solution to address price fluctuations. With the completion of the current phase’s sales, the sales ratio will reach 70%, while the execution rates will be around 75%.
The company has invested EGP 250 million in project construction in recent months, with plans to inject an additional EGP 500 million in the coming year. Osman revealed that sales for the current year are expected to reach around EGP 1 billion by the end of December, in accordance with the company’s marketing plan.
Regarding financing, the Chairman of Grand Plaza’s board confirmed the company’s intention to conduct a securitization process, linked to the sales volume and the number of units to be delivered in the next year. Discussions in this regard are underway, with bank borrowing also included in the plan but scheduled for a later stage.
