Nile Developments has reported EGP1.2bn in sales within two months from its North 31 “Festival Towers”, its first project in the New Administrative Capital (NAC).
Mohamed Taher, Chairperson of the company, said, “Before investing in the NAC, the company was keen to carry out extensive studies to produce an upscale and unique product that fulfills the state’s concept and goal of creating skyscrapers matching those of Dubai, Manhattan and New York, and attracting world famous brands.”
Taher added that the company worked with top consultants and specialists in building skyscrapers, namely Orascom Group’s CFM, Ahmed Salama Property Consultant, and Hany Saad Innovations Design Architecture (HSI).
North 31’s investments are set to reach EGP4bn, as up to EGP1.5bn funding is expected to be funnelled into its construction works. Sales of EGP4.5bn are targeted and delivery will start within four years, he noted.
The company obtained the ministerial decree necessary for the project, while the issuance of its permit is underway, Taher elaborated. He also said that digging is expected to commence within one month and a half.
At 131 metres in height, North31 spans an area of 18,000 sqm covering 36 storeys, including five underground floors. The project is a commercial, administrative, and medical mall with a 100m façade overlooking the NAC’s Downtown district.
The 1,000 unit project also features stores and hotel apartments, together with entertainment services, open spaces, a gym, a meeting room on every floor, cafes providing beverages to all offices, as well as a panorama
Nile Developments seeks to generate EGP2.5bn sales from North31 during 2021, and with its aim of generating high returns on investment for clients, the company seeks to offer affordable units prone to 1.5% increases every three months.
North31’s initial exceptional bid, along with higher raw materials, drove the company to hike the prices by 7%, generating big gains for clients.
The company has managed to sell a section of the second phase of North31, although the project has not yet officially been put up for sale, Taher said.
Further still, North31’s offers include a 31% discount for those paying 31% advance payment, with the remaining amount paid over a 31-month instalment plan.
In 2018, Nile Developments and Al Ahram merged to launch a joint venture that executed exceptional projects in the Fifth Settlement of New Cairo. The construction of an area up to 200,000m is being completed for the time being.