Mercon Developments, a pioneering real estate company, announced the launch of “Pavo” – its new project in the New Administrative Capital and the second in the Egyptian market.
Located in the Central Business District, the Mercon Developments is set to start constructing the LE380 million ($28 million) Pavo Tower in the fourth quarter of 2021, a senior company’s official said.
Samer al-Beik, the company’s chairman, added during a press conference that the “Mercon” aims through such projects to boost the real estate market share and to leave a distinctive imprint for this type of projects. The 14-storey building, located in the CBD, includes 250 offices and stores.
With accumulated experiences of more than 15 years through the participation in implementing more than 70 projects in the Fifth Settlement and many other neighboring areas, the company now owns a land portfolio for commercial activity stretching to 120,000 square metres with an estimated value of approximately LE5 billion, Beik also said.
He added that the company participated in a number of projects such as Iconic Tower, Octagon Building, the Ministries District in the New Administrative Capital, as well as the Cairo Opera House, the Monorail Line, and a large number of bridges.
He revealed out that the company’s (Mercon) name is derived from the word merge and the word constriction.
On the other hand, Ahmed Imbabi, Vice Chairman of the company’s board of directors, revealed out that the Mercon’s vision and strategy is represented in achieving luxury and uniqueness in its projects by using the highest quality, state-of-the-art standards.
This is in addition to setting an ambitious plan during the next few years to expand in the Fifth Settlement, the New Administrative Capital and the New Alamein City, by presenting a different and innovative urban thought in line with the vision of the political leadership, he added.
Imbabi explained that Mercon’s plan during the coming period is based on pumping huge investments of up to LE5 billion, through offering 3 (administrative – commercial) projects in the heart of the Fifth Settlement and the New Capital.
Mohamed Amer, Head of the Commercial Sector for Mercon Developments Company, pointed out that the new project is considered a surprise to the Egyptian market; hence its uniqueness and differentiation.
The project comprises administrative and commercial units only on an area of 4,000 square metres. With a height of 14 floors, the units from the first to the third floors are for commercial purposes and the others from the fourth to the fourteenth floor are for administrative purposes with areas starting from 25 metres for commercial units and 30 metres for administrative units, he said.
The company offers a number of different installment systems of up to 10% down payment and payment periods of up to 15 years, he said, indicating that the project will be delivered in 4 years.
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