After three years of implementation works, Gulf Property Development announces the completion of its Reem Residence Project, located in the Six of October City.
Speaking to Amwal Al Ghad on Wednesday, GPD Chairman Shams El-Din Mohamed said the investment cost of the accomplished Reem Residence projects amounts to 700 million Egyptian pounds.
Gulf Property Development Company (GPD), a subsidiary of the Arabian Property Development Company (APD), was founded in 2007 to invest in the real estate Egyptian market, after the great successes of APD in its projects the UAE and Lebanon.
“Egypt’s real estate sector has recently witnessed a relative improvement powered by the Egyptian government’s clear and well-outlined vision towards dealing with investors.” GPD’s chairman noted.
However, he referred to the presence of some obstacles against realising the Egyptian real estate sector’s renaissance.
The official mentioned one of the key obstacles challenging the Egyptian real estate sector, namely the poor banking support for the property investment firms in Egypt.
About Reem Residence project, GPD’s chairman said it includes 400 villas, on a 200-600 metres area, alongside an 8000-metre sporting club, as well as a 12500-metre administrative and shopping mall.
Moreover, the official said GPD completed around 80% of its marketing campaign for Reem Residence.