New Event Developments announced the opening of its new project “Trave” in the Administrative Capital at an investment of three billion Egyptian pounds ($160 million).
Comprising commercial and administrative units with double views over the central park and the central axis, the new project is considered the best guaranteed investment in the most important areas of the New Capital, said Dr. Hamid al-Ragawi, Chairman of the Board of Directors of New Event Developments.
The project would be developed over an area of about 4,900 square metres and include 320 offices and 100 stores, he said. The 13-storey complex would be completed in 42 months.
He added that the launch of the new project comes after the success achieved by New Event in its previous project “H MALL” in the Administrative Capital.
He explained that the real estate market in Egypt witnessed an unprecedented renaissance, which contributed to achieving a remarkable recovery in light of the crises the world is witnessing.
“The Administrative Capital has changed the shape of real estate sector in Egypt and attracted local and international investors from all countries the world over, thanks to the facilities provided by the government, as well as the infrastructure and services,” CEO al-Ragawi said.
Omar Al-Marakbi, head of the company’s sales sector, said that the unit prices start from 67,000 pounds per commercial meter, and 22,000 pounds for administrative ones, noting that the available spaces start from 30 square meters per unit.
Moreover, the company has adopted multiple payment facilities for customers and investors, so that the advance payment starts from 0%, with a payment period of 15 years, he added.
Mr Mohamed Wahdan, director of the marketing sector for New Event, said that the company is adopting a strategy of offering modern products that suit all different strata, and at reasonable prices that enable them to invest their money in new products.
The New Event is a Yemini-Gulf company started its investments west of Cairo by developing a group of residential towers.
The volume of the company’s investments in Egypt exceeded eight billion pounds, and the company aims to hike its investments to LE16 billion pounds by year end.
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