Happy news for the occupants of the “The City” project, the administrative capital

Finally, after a 9-month hiatus, the Master Group, the owner of the project, reached an agreement with the Administrative Capital Company by scheduling the accumulated financial dues, and the construction phase will continue.

Then, investments estimated at 600-800 million pounds will be pumped into the construction works

The Master Group company had defaulted on paying the land installments for the capital company in 2020, amounting to 240 million pounds, and the last installment was due in 2022.

She had also committed several violations of the requirements set by the Capital Company in the sale of its units in “City Oval”.

The Capital Company has taken several decisions regarding the Master Group and issued warnings regarding the violations committed in the sale of “City Oval” units.
Then the land of “City Oval” was withdrawn and the company was obligated to refund the dues of the customers who had booked the project

Master Group has reached an agreement with the city oval project blockers, as a result of which 20% of the clients have booked in The City Compound.

And they reached an agreement with the Administrative Capital Company that included opening a bank account in the Arab Land Bank to receive customer installments, and the disbursement of funds on construction works is being supervised by the Capital Company and reviewed periodically

Mahmoud Lashin, Vice President of Master Group, stated that there have been developments and restructuring of the company’s departments with the help of leaders and administrative competencies for some vital sectors in order to develop performance and set new plans during the next stage to achieve the highest performance rates in the market

Thus, the current situation guarantees the completion of 41 residential buildings, which are expected to be completed and delivered during the second quarter of 2022
The construction stage has now reached 56%, and the plan is to establish The City Mall and Club House. He explained that the company relies on self-resources and customers’ premiums.
to finance construction

The first phase is expected to be delivered this year

It is noteworthy that “The City” covers an area of ​​54 acres in the R7 area and includes 2,181 units

The volume of its investments is about 4.5 billion, while the target sales reach 6 billion.