Hometown Real Estate Development announced on Sunday the launch of the first administrative commercial project in the New Administrative Capital on 7,000 sqm, with an initial investments of EGP 1bn, according to Diaa Farag, chairperson.
Farag said that the project is being implemented over two phases and includes 10 floors. The first phase includes three commercial floors on 6,000 sqm, constituting 40 shops with spaces ranging between 50 sqm and 175 sqm. Meanwhile, the second phase includes seven administrative floors on 14,000 sqm, with spaces ranging between 120 sqm and 230 sqm.
He added that a garage will be built on two underground floors, along with a garden on an area of 1,150 sqm, in addition to other services and a landscape area of 5,000 sqm.
For his part, Hometown General Manager Ahmed Gamal said that the project is currently in the engineering design phase, which is being undertaken in cooperation with several foreign and local offices to utilise the latest techniques and technologies.
Gamal pointed out that these companies will be announced once the project is officially launched.
He explained that the project will be offered for sale after obtaining the ministerial approval and the completion of procedures for building permits, which are expected to be completed within six months.
He further noted that the project is planned to be completed within three years.
Gamal elaborated that investing in the New Administrative Capital is the best investment opportunity for real estate investors at present.
“The New Administrative Capital enjoys very promising investment opportunities, as it is the largest and best-integrated national development project in recent decades, and I expect pumping more Arab and foreign investments in the project in the near future,” Gamal said.
The company developed the Premium 1, Premium 2, and Premium 3 projects in New Cairo and is connected to several services around the compounds.