Egypt’s real estate developer, Upturn Developments, has launched the third phase of its Centric Business District in New Cairo, covering a total area of 1,500 sqm, according to the company’s Chairperson El Sayed Mossad.
Mossad said the company is eyeing EGP 200m in sales from the third phase, which comprises about 40 units of various sizes, starting from 59 sqm. He added that the company plans to complete the third phase’s marketing during the last quarter of the current year.
Mossad pointed out that Upturn Developments has so far managed to market about 50% of the project, and plans to complete the marketing for a total of 90% of the project by mid-2021.
He further explained that the project is being marketed over seven stages, of which six stages will be finished by next June. The last stage will start after the project comes into operation.
Construction work on the Centric Business District began last January, Mossad noted. Spanning over 4,180 sqm, the development is a business complex that includes commercial units and offices, worth a total investment of EGP 700m. It encompasses a commercial ground floor and six floors for offices with several spaces.
Mossad elaborated that the commercial part is dedicated to serving the administrative offices in the complex, providing services that integrate with the administrative part. In addition, the complex’s roof will be dedicated to recreational activities for those in the administrative offices.
The administrative offices come in different sizes, starting from 59 sqm. Centric also provides a unique product, in the form of a ground floor administrative unit that can be connected internally with office space on floor above.
“The company offers payment facilities, including zero down-payment and an instalment plan of up to six years, with a 30% discount for cash payment,” Mossad said, “Centric complex will be completed and delivered by the end of 2022. The company plans to assign Sigma Consulting, specialised in project management, to take over the project management.”
He concluded that his company plans to expand further in service and mixed-use projects during the coming period.