By Ahmed Samir The Tameer Company for Real Estate Investment (TCREI) plans to commence the construction on a new housing compound in the Fifth Settlement in New Cairo that will include 25 buildings and a mall. The project is expected to cost approximately EGP 50 million. Basem Ghoneim, a sales official with the company, said that they had received a proposal from individuals that own land in the Fifth Settlement to participate in the project. The individuals will be 40% partners in the project with TCREI making up the remaining 60%. The new compound will occupy 12 acres and the company plans to begin construction before the end of the current year. Ghoneim said that the company is currently holding negotiations with the landowner to increase the company's share to 70%. He added that the cost of a single building will reach EGP 1.25 million whereas the investment value of the mall will be EGP 15 million. He noted that the company had prepared a three-year expansion plan in the Fifth Settlement, El-Shorouk City, and El-Obour, where land prices were lower than in other municipalities. Ghoneim added that discounts and other deals on its housing units, including immediate delivery are being offered. The company is also offering housing units in the fifth district of El-Shorouk City for EGP 950 per square metre instead of EGP 1,250. The units start at 100 square metres but are available in a variety of areas. Units in El-Shorouk City are priced between EGP 1,300 and EGP 2,700 per square metre for units ranging from 100 to 500 square metres. TCREI recently delivered 15 apartment buildings in the three cities and plans to deliver a new apartment building in El-Obour for units that range between EGP 2,000 and EGP 2,400 per square metres. Ghoneim predicts that TCREI's sales will decline 60% this year, the same rate as last year, because of the political events that have caused foreign investors to flee the Egyptian real estate market. He noted that 90% of the company's sales in the last two years were to Egyptians living abroad.
