Beta Gardens is a social housing project—part of the national housing project for young people—by Beta Egypt for Urban Development. The construction of 1,000 units on 20 acres began in 2008, and by 2009, Beta Egypt for Urban Development had sold all available unites units.
Beta Egypt for Urban Development was founded in 1993, specializing in middle-income housing in Obour City by developing Golf House and Golf Palace projects. In 6th of October City, the company has developed Golf Residence, Beta Greens, and Beta Gardens.
Company chairperson, Alaa Fekry, told Daily News Egypt in an exclusive interview that the company is hoping to be listed on the Egyptian Exchange (EGX) within the next year and a half.
“Beta Gardens was delivered in 2009, and now there are some units for resale. The Beta Gardens investment project began in 2011 and was delivered in 2015. We also have the Golf Residence which site on 22 acres,” said Fekry.
“Our fourth project is Beta Greens which was started in 2015 and comprises 840 units over four phases. The units range from 130-140 sqm at EGP 4,500 per square meter,” he added.
Construction for the first phase of Beta Greens began in May 2015. It will be delivered in May 2017, while the second phase will be delivered in November 2017. The third and fourth phases will be delivered in early 2018. We executed and marketed about 80% of the project for the first three phases, and the fourth phase stage is yet to begin. For three of the phases of Beta Greens, 65% of units have been reserved.
The total investments amount to EGP 426m for the project’s four phases. Investments were about EGP 100m per phase. The project contains services such as fountains, a shopping mall, an artificial lake, a kids’ play park, a gym, and a track, in addition to places for reading.
The company’s land bank has reached 280,000 sqm, with 84,000 sqm of this comprising Beta Greens.
“We continue to submit requests to the Ministry of Housing. The company has the ability to develop and facilitate lands of 50 to 100 acres; however, there is a scarcity in the land available for development,” said Fekry.
“We also submitted requests to the Tourism Development Authority (TDA) and the Industrial Development Authority (IDA). The government announced that it is offering lands for industrial purposes in 10th of Ramadan City and 6th of October City. The government is considering our requests,” Fekry explained. “We are interested in developing in some coastal regions such as the North Coast, Ain Sokhna and Ras Sedr. Damietta is also a possibility,” he added.
Daily News Egypt
18 July
