Qena Gardens

Launched in July 2010, Qena Gardens is Orascom Housing Communities (OHC) newest development in Egypt. The new project seeks to meet the needs of Egyptian citizens by addressing the countrywide demand for affordable housing. OHC is the first private company to look towards creating tangible solutions in addressing this need in Qena Governorate.

Spanning across approximately 2.8 million square meters of land, Qena Gardens is located 5 km from the city centre. Phase one of the project will offer over 8,000 housing units located on a land mass of 840,000 sq m. Similar to Haram City, Qena Gardens will provide residents with a full range of services, including recreational and retail services, houses of worship, medical facilities, a school, and workshops.

As part of OHC’s vision to create a fully-integrated self-sufficient community, the project will provide a number of employment opportunities to local residents. By creating access to employment, OHC helps Egyptian citizens to access the tools they need to create a better standard of life for themselves.

Qena Gardens will offer a diverse range of housing units designed to meet the different needs of OHC’s customer base. Two, three or four bedroom apartments that are either semi-finished or fully finished will be available; all units will include a living room, a kitchen and a bathroom. In addition, ground floor units will have access to a garden, whilst second floor units will have access to roof space.

64K-2

54B-2

63-2

Eligibility Criteria:
- If single, maximum monthly income should not exceed EGP 1,750 (EGP 21,000 annually)
- Maximum monthly income per family (husband + wife) should not exceed EGP 2,500 (EGP 30,000 annually)
- Eligible customers must neither own nor rent any units according to the old rent law
- Clients must not have previously benefited from the Ministry of Housing’s subsidized housing projects
- Applicant’s age must range from 21 (twenty one) to 48 (forty eight)

General Conditions:
- Only one unit is allowed per family (husband and wife)
- Units are delivered in 24 months
- Units will be semi-finished
- Individuals can only sell their units after referring back to OHC or the mortgage finance company

There are three programs available for financing a unit, the installment program, the mortgage program and  the cash program.

Terms of the installment program:
- EGP 500 must be paid up front.
- An advance payment (AP) of EGP 9500 must be deposited at the bank.
- Customers can pay the installments over one or two years.
- The down-payment should be 30% of the unit price and the client should write and sign post dated checks covering the remaining payments.
- Clients should note that the final unit price differs from the original price, once the 1.33% monthly interest fee is added.

Terms of the mortgage program:
- EGP 500 must be paid up front.
- An advance payment (AP) of EGP 9500 must be deposited at the bank.
- Potential buyers must apply for a mortgage loan.
- Buyers are responsible for choosing the payment program most appropriate to them and are required to pay a nonrefundable inquiry fee to the mortgage company.
- Once the potential buyer is granted a loan from the mortgage company he/she must then provide the document indicating the amount he/she qualified for.
- The remaining down payment is then calculated and the client is asked to deposit this amount at the bank.
- A tripartite contract is then signed between the client, the mortgage provider and OHC.

Terms of the cash program:
- EGP 500 must be paid up front.
- An advance payment (AP) of EGP 9500 must be deposited at the bank.
- Potential buyers must present the necessary documents as well as the AP bank receipt.
- Potential buyers will obtain a payment order to deposit the remaining payment for the unit price at the bank. This should take place up to one month following payment of the AP.
- As a final step a contract is signed on the following day after remaining payments have been received.