Prime Real Estate and Tourism Development Company, one of the leading real estate and tourism development companies, announced the launch of Harmont, its first project in the New Administrative Capital with an investment cost of LE450 million.
Running on an area of 2,600 square metres, the multi-activity project comprises 240 commercial and administrative units. The investment cost of the project is estimated at LE450 million, a senior company official said.
Karim Fahmy, Head of the Commercial Sector at the company, said that the project is located in the Downtown area of the New Capital on a main axis linking the Bin Zayed axis and the government district. The project enjoys a rear view of an 8-feddan garden, which distinguishes it from the rest of the other projects.
“Prime Development assigned the consultancy work and project designs to “Meamar Consulting, Engineering and Architectural Designs. Negotiations are under way with a number of contracting companies to assign the implementations works to one of them,” Fahmy also said.
He explained that it is scheduled to start implementing the project site as soon as the licenses are obtained from the New Administrative Capital Company, with intentions of pumping 30% of the total investment cost of the project until 2022.
The Prime Development plans to implement a set of diversified – residential, commercial and administrative – projects in the new capital, according to the results of studies and market research conducted by Prime Development on the real needs and requirements of the market.
This, he said, comes within the company’s expansion plan to pump large investments in the fourth-generation cities, especially the New Administrative Capital.
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