By Hamed Mahmoud
Nile Developments posted EGP1.2bn sales from its North 31 “Festival Towers”, its first project in the New Administrative Capital, within two months.
The company’s strong sales embody sheer excellence and value-addedness of its product, as North 31 lies at the heart of Down Town in the New Administrative Capital on the Green River.
“Before investing into the NAC, the company was keen to carry out extensive studies so as 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,” said chairperson of New Developments Eng. Mohamed Taher.
“The company conducted thorough studies at the heart of NAC, chose a unique location on the Green River and started building a Y-shaped skyscraper and with a façade reflecting all its units, as the company is the first private developer to execute a skyscraper with this particular shape.”
In view of it underlining quality, the company tapped top consultants and specialists in building skyscrapers, namely Orascom Group’s CFM, Ahmed Salama Property Consultant and Hany Saad Innovations Design Architecture HSI, he added.
North 31’s investments are set to reach EGP4bn, as up to EGP1.5bn funding is expected to be funneled into its constructions. Sales of EGP4.5bn are targeted and delivery will start in the span of 4 years, he noted. The company obtained the ministerial decree necessary for the project while the issuance of its permit is underway, he elaborated, expecting digging to commence within one month and a half.
North31, spanning an area of 18,000 sqm with a height of 131 m, and 36 floors (five underground floors), is a commercial, administrative and medical mall with a 100m façade overlooking Down Town district.
North31, consisting of five underground floors, followed by stores, and hotel apartments, includes 1000 units, together with entertainment services, open spaces, gymnasium, a meeting room in every floor, cafes providing beverages to all offices, and a panorama.North31 will be the first festival tower of its kind to make aesthetic and fascinating view in celebration of every occasion and event, as the open spaces and landscaping constitute 55% of its entire area.
The company is keen to utilize to the full all spaces inside North 31 and strive to create an affordable groundbreaking product, he explained. Nile Developments seeks to generate EGP2.5bn sales from North31 during 2021. With the aim of generating high returns on investment for clients, Nile Developments seeks to offer affordable units, prone to 1.5% increases every 3 months, he maintained.
North31’s Initial exceptional bid, along with higher raw materials, drove the company to hike the prices by 7%, generating big gains for clients, as the company managed to sell a section of the second phase of North31 although the latter has not yet been put up for sale officially, he continued.
Regarding its participation in Next Move Exhibition, Nile Developments-Aharm chairperson Eng. Mohamed Taher unveiled outstanding offers for clients effective during the exhibition, namely 7%, (up from 4%) discount on installments and 4% (up from 35%) discounts on cash scheme.
Further still, North31’s offers include 31% discount for those paying 31% advance payment with the remaining amount being put on a 31-month installment plan.
