Egypt’s Concept Real Estate invests 20mn pounds in phase I of Siela North Coast

Egypt’s Concept Real Estate Group unveils it has pumped 20 million Egyptian pounds ($1.1 million) into the construction works of the first phase of its flagship Siela in North Coast.

Ehab Abou El Magd, Concept’s chairman, said Monday that his company seeks to participate in four real estate exhibitions within the upcoming two months.

The project, which is established over 10 feddans, will encompass aqua park and waterfalls as well as a bunch of services,” Abou El Magd stated, adding that these services are being developed in three phases, with investments of 400 million pounds.

“Siela is set to include 650 chalets, on various spaces ranging between 50 square metres and 120 square metres and with a built-up area of 28 percent,” the Egyptian official further noted.

Abou El Magd elaborated that Concept has executed a number of infrastructure works and a part of other concrete works of the building worth 20 million pounds as part of the project’s first phase.

“The first phase will be delivered in 2019, while the second phase will be handed over in 2020,” Abou El Magd said, referring that Concept has marketed 90 percent of the two phases.

Moreover, he clarified that Concept also plans to expand its business in number of real estate, residential, touristic, and commercial flagships in the new cities.