Arqa Development Group (ADG) announced the launch of the second phase of its project “I Business Park” in the New Administrative Capital, with targeted sales of about LE3 billion.
The announcement came during a huge ceremony the ADG held at Triumph Luxury Hotel in the Fifth Settlement in the presence of a large number of real estate developers, business leaders, investors, journalists and media professionals.
During the ceremony, Ahmed Gamal, CEO of the company, confirmed that the “I Business Park” II Phase is located on an area of 43,000 square metres and includes 450 units.
With investments amounting to LE1.250 billion, the second phase is planned to be delivered by end 2024, CEO Gamal said.
He added ‘the LE3.25-billion I-Business Park project comprises three 20-storey towers housing 2,200 units for offices, clinics, shops, hotel apartments and restaurants,’ unveiling that the Sabbour Consulting is the main design consultant, and KAD provides a package of professional consultancies.
The entire project would be completed in 2024 with the 300-unit Phase 1, where construction is underway since March 2021, scheduled to be completed by the first quarter and Phase 2 in the fourth quarter 2024, CEO Gamal said.
ADG’s Marketing Manager Ahmed Ezzat Zeyada said the company had recorded LE1.25 billion of sales revenue from the first phase to date. He disclosed that the company intends to launch a new project in New Alamein City this year. He also extended thanks to the marketing companies for achieving tremendous sales results for the project.