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Egypt’s Treskon Development has announced the official launch of its new project, Katameya Business Complex, in New Cairo.
The 3 billion Egyptian pounds ($97 million) project is situated on a 10,000 square metre plot and will comprise two basement levels, a ground floor, and three additional floors, the company’s chairman said.
Waleed Galal told Zawya Projects that retail units will occupy 40 percent of the total area while office units will occupy the remaining 60 percent of the project with construction already underway.
He said the project will introduce a fractional ownership option allowing retail investors to own a portion of the property with a minimum investment of EGP500,000 ($16,158.22).
Galal said Treskon has secured partnerships with major car agencies, including Mercedes, Jaguar, BMW, KIA, Skoda, Hyundai, Toyota, and Peugeot, to establish dealerships within the complex. Additionally, they have signed agreements with Al Ahli Bank and Ahli QNB, as well as renowned retail brands like Carrefour, KFC, NOLA, TBS, and McDonald's.
Commercial Sector Manager Hany Gouda said fractional owners could benefit from estimated returns ranging from 25 percent to 300 percent over a 10-year period. He pointed out that fractional ownership of real estate assets is a well-established practice in international markets, its implementation in Egypt requires further regulatory development.
Project delivery timelines weren’t disclosed.
(1 US Dollar = 30.94 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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