Madinet Masr, one of Egypt’s leading urban community developers, unveiled on Sunday its latest innovative platform, Touba, a new mobile app that allows buying, owing, and investing in real estate.
The platform introduces a flexible payment plan spanning up to a decade, customised to serve various customer segments, while aligning with the global shift toward creating sustainable communities.
“The concept will be implemented for the first time in Elan at Sarai, New Cairo. Aligning with the current era of digital transformation,” according to the company’s statement read.
Touba, Madinet Masr Innovation Labs latest innovations is considered the first of its kind platform in the region that provides flexible payment terms to customers willing to own a unit according to their needs with no required bank cheques.
The statement added that the platform allows customers to conveniently pay for the property and track the number of bricks they own without the need to physically visit the company’s premises.
Moreover, Touba will also allow the customers to select the unit and pay 15 percent of the property as a down payment then continue to pay the remaining amount of Touba(s) annually up to 10 years. The clients can do that through a convenient payment plan based on their financial status without bank cheques.
However, the clients can check the percentage of ownership, and the current price of Touba according to the market fluctuations.
Touba also allows the customer to upgrade his unit easily through the platform and pay the cost difference between both units and the remaining number of Touba(s) will be adjusted accordingly. The unit is scheduled for delivery in four years.
“Our mission is to drive growth in Egypt through the development of sustainable communities,” Abdallah Sallam, President and CEO of Madinet Masr, commenting on the launch of Touba.
Sallam further added, “Touba is launched to revolutionise the real estate sector in Egypt and introduce innovative flexible payment plans that accommodate the various needs of our customers based on their capabilities without the burden of fixed date commitments and bank cheques.”
Touba, is an Arabic term for a “brick,” introduces a revolutionary measurement unit that redefines property ownership. Each property consists of a specific number of Touba(s), the measuring unit of real estate ownership.
It is worth mentioning that Madinet Masr aims to innovate and create diversified solutions to the real estate market, addressing customers’ needs and overcoming the obstacles of investment and real estate.
The company is directing its efforts towards nurturing a new generation of young people who are capable of applying sustainability standards across all sectors of the company and its products as an investment in the future, the statement added.
Meanwhile, it is encouraging the provision of innovative solutions and advanced ideas, to revolutionize the concept of purchasing and investing in the Egyptian real estate market that is witnessing remarkable growth.
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