By Hamed Mahmoud
Nakheel Developments for real estate has achieved contractual sales in the first phase of the “Trio V Tower” Project in the New Administrative Capital with a value of LE430 million within 10 days only; hence the distinctive location of the project, which overlooks three main streets, a senior company official said.
Eng. Sherif Al-Demyati, Head of Commercial Sector at Nakheel Developments, said that the total area of the project is estimated at 7,000Sq2, and the construction is only on 2,100 Sq2, amounting to 30% of the total area of the project. He explained that the project comprises a ground floor and 14 vertical floors.
“The floors from the ground to the fourth floor are dedicated for commercial activity, and the rest of the floors are administrative and medical units,” Demyati said, adding that the second phase of the project will be within days, thanks to the great success realised in selling the first phase in full within only 10 days and the quality services the company provides in real estate projects.
Having past experiences extending to more 19 years of work in the UAE, the company plans to announce a huge project in the New Capital following the holy fasting month of Ramadan, he said explaining that the “Egyptian real estate sector is one of the promising ones and that commercial and medical activities are the most unaffected by the repercussions of the coronavirus pandemic”.
Al-Demyati expected a strong recovery in the real estate sector during the current year, with the initiatives launched by the Central Bank of Egypt for reviving the sector, in addition to the low interest rate.
The “Trio V Tower” Project is the first for the company in Egypt, as it started in the United Arab Emirates in 2002 with the establishment of Global Property Management for Real Estate Development, through which the company developed and marketed many projects there and seeks to transfer its expertise here, taking the New Administrative Capital as gate.