Egypt's Cornerstone Development obtains approval for ‘The Curve’ project

The company will commence with construction of the project by the end of 2020

  
A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Cornerstone Development has obtained ministerial approval to develop its first project, called The Curve, at the New Administrative Capital (NAC), according to the company’s CEO Ashraf Boulos.

Boulos added that the company has already obtained the licences required, and will commence with construction of the project by the end of 2020.

The Curve is located in the NAC’s R8 district, and will consist of a built-up area of 18%, which stands at less than the permitted percentage of 22.5%. The rest of the project’s land will be allocated to large green spaces and landscaping. The project also includes various services and amenities, namely a commercial mall, an administrative building, as well as cultural, social and sports services.

Boulos added that the company plans to deliver the compound by the end of 2023, with unit areas ranging from 80 sqm to 320 sqm. Moreover, 70% of the units range from 80 sqm to 200 sqm.

He said that Cornerstone Development has strong financial solvency that enhances its capabilities to implement high-end projects, based on modern designs of the highest quality and construction standards. The company also maintains a positive adherence to delivery schedules, despite the circumstances.

Moreover, he revealed that Cornerstone Development’s licensed capital currently stands at EGP 1bn.

The Curve will deliver all its units with an 80% flexi finish system. As a result, clients will not need to worry about any of the tedious work given that they will receive the units with mosaic tiles for flooring, and ready to install HDF or porcelain.

The units will also come with fully installed windows, handrails for terraces, and internal piping already installed for all electrical supplies and units. Clients will still be granted the opportunity to choose the final coating for walls, lighting, flooring, appliances and furniture, according to their unique taste.

Boulos said, “Cornerstone Development is committed to provide its units with competitive prices and fully flexible payment plans, in addition to making sure to provide luxury units in order to enhance customer confidence in the Cornerstone Development brand.”

The company is committed to hand over its units to customers in accordance with agreed specifications and delivery dates, as well as creating a homogeneous base of clients, he said.

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