Serac Developments announced the launch of its first project in the Egyptian real estate market with a joint Egyptian-Emirati investment. Being built in the most prestigious neighborhoods of New Cairo under the name of ‘City Hall’, the project bears a new vision for commercial and administrative buildings in Egypt.
Located directly on the Muhammad Naguib axis, steps away from the northern 90th Street, the City Hall consists of 6 separate buildings to provide the largest amount of open spaces and landscape for visitors. Each building consists of two basement floors, a ground floor and two floors.
The total area of the project is about 16,000 square meters, with a construction rate of 40%, and a facade of about 300 meters on the main road.
For his part, businessman Tarek Suleiman, Chairman of Serac Developments, said during a press conference held by the company to announce the start of its activity in the Egyptian market that the support the state provided to the real estate sector and the boom the country witnessed in the urban areas during the past years were behind the launch of Serac Developments Company, in an effort to contribute to the development process that Egypt is experiencing.
For his part, Karim Mamoun, CEO of Serac Developments, said that cooperation with businessman Tarek Suleiman is a new step, given his experience in the Egyptian market, and the financial solvency that makes Serac Developments a major competitor.
Mamoun added that the City Hall project is not limited to the Fifth Settlement only, but it is an idea that will be circulated in several other areas with the same name, to be a destination for international brands and customers.
With a very unique, distinguishing site, the project includes commercial spaces ranging from 50 to 1,100 square meters and administrative ones from 50 to 500 square meters, he said. He noted that the project provides the possibility of obtaining duplexes in commercial spaces.
Serac Developments is the result of a strong partnership between Egyptian business tycoon Tarek Suleiman, owner of the famous Glamor jewelry groups, marly silver and Richie jewelery for diamond trade and Board Chairman of Serac Developments, and a number of Emirati partners.
It also owns a diversified portfolio of lands between the North Coast, New Cairo, the Administrative Capital, and a number of new cities.
