Empire State Developments has contracted with the global company CBRE to provide consultancy for property & management in El Centro project in the New Administrative Capital (NAC).
The contract was signed by Chairman and CEO of Empire State Developments Mahmoud Elsarrag and Director of Property Management at CBRE Ciaran Lynch, in a signing ceremony that included a number of officials from both companies, besides, media and journalists.
Chairman and CEO of Empire State Developments Mahmoud Elsarrag said that partnering with the international company CBRE is a strong addition to El Centro project, and comes within the company’s strategy to choose success partners to develop its project.
Elsarrag pointed out that CBRE is the top property management consulting firm globally management according to the Fortune 500. He explained that the CBRE will be responsible for providing consultancy services for property management and facility management to El Centro Business complex Over and beyond, CBRE company was chosen for being the first in the world in this field.
He pointed out that the El Centro is 15-storey mall and is located on 24,000 sqm, with total investments worth LE750m. The mall comprises three floors for commercial units, in addition to, medical and administrative units besides hotel units managed by Safir International Hotel Management Company.
“Empire State began construction on the project at the beginning of October and the entire project is planned to be delivered in the last quarter of 2024 with targeted sales amount to EGP 1.2bn. ACE Moharram-Bakhoum will assume role of engineering consultant for the project, meanwhile, Empire Construction, Al Hamad Contracting Company and and Nile Contracting company will build the project,” he elaborated. “Price per square meter in administrative units of the project starts from EGP 23,000 with space starts from 30 sqm, moreover, the company offers payment plan up to 20 years.”
Empire State intends to record LE600m in sales by the end of the current year he revealed, added, “The company succeeded in achieving sales of LE250m since the beginning of the year until the end of September. Moreover, we plan to direct LE150m into El Centro constructions in the last quarter of this year.”
Director of Property Management at CBRE Ciaran Lynch stated, “Co-operation with Empire State Developments is the company’s second contract in Egypt, as the company chooses projects with great care and in accordance with specific standards of the company. The first contract was made with the Chinese company CSCEC, which is responsible for constructing the iconic tower and the central business district in the New Administrative Capital.
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