Nakheel Developments announced its contract with a group of companies to manage and develop its “Double Two Tower” project in the New Administrative Capital, as part of the company’s plan to cooperate with the strong entities in several disciplines to develop a flagship project as well as to maintain its quality and investment value.
Head of commercial sector at Nakheel Developments Sherif El-Domyati said that the “Double Two Tower” is located on approximately 9,000 sqm and comprises administrative and commercial units besides, serviced apartments. The project’s commercial part is being constructed on an area of 45% of the total project size.
El-Domyati added that the project investments are estimated at nearly LE3 billion, noted that the company aims to sell out about 70% of the project in 2021, and it is planned to deliver the tower within three and a half years.
El-Domyati pointed out that the company is co-operating with the strongest and distinguished entities to develop an integrated project in the New Administrative Capital, namely Mimar Egypt Engineering Consultants, EFS Facilities Services and Time Hotels.
He further said that Nakheel Developments is currently developing Trio V Tower project in the New Capital, which is a Medical, Administrative, and Commercial project.
He elaborated that the company has provided distinctive elements for “Trio V Tower” project. ACE Moharram Bakhoum assumes the role of the engineering consultant for the project about 70% of the tower has been sold out since its launch in March 2021. The project is located on an area of 7,000 sqm, featuring 2,100 sqm of built-up area, equivalent to 30% of the project’s total area.
Moreover, the project consists of a ground floor and 14 storeys, with the ground floor to the fourth storey allocated to Commercial units.
The rest of the project varies between Administrative and Medical units.
“The company intends to complete excavation work for the two projects and begin pouring concrete by next December. Over and above, Nakheel company pays land installments according to schedule agreed upon with the Administrative Capital for Urban Development (ACUD) company,” he explained. “The total current investments of the company amounted to approximately LE4.5 billion, as it relies on self-financing with its strong financial solvency.
Besides, the company has an expansion plan in real estate market in the coming period, then developing more diversified projects in new areas, including New Alamein, after completing all market studies.”
Mohamed Awadalla CEO at TIME Hotels stated that the “Double Two Tower” project is the company’s third project in the Egyptian market.
Chief Commercial Officer at EFS Facilities Services Hisham Saleh said that EFS is managing the “Double Two Tower” project based on four main axes, which are providing general technical consultations for the project, following up the project implementation phases and receiving the project technically engineering from contractors to suppliers of project equipment. Then starting training work team responsible for managing and operating the project.
Vice President at Mimar group Mohammed Al Shurafa said that Mimar chose Nakheel company to co-operate with it, to present a unique and brilliant project in which the two companies invest their expertise in similar projects in Gulf countries to provide a thing that is distinguished and attracts different user who seeks high quality in operation.