Skyway, a pioneering real estate developer, plans to launch “Bayadega” Downtown New Capital project with LE700m investments. The company also targets Gulf investors for parting in developing other projects through the next phase.
Scheduled to be an administrative, commercial, medical project with international standards, the tower enjoys the first hanging “FOOD COURT” in New Capital, fitting with the real-estate market development trends, and the entry of new real estate products to be a sector’s addition, Hosny ElSaidy, Skyway CEO, said.
“Skyway preferred to start with a project in New Capital to test the market’s appetite for new various real estate products, especially in “Downtown”, an area of ferocious competition among real estate developers”, ElSaidy explained, pointing out that it sets an expansion plan that gets along with its market growth strategy, providing brand-new investments during the next stage.
Established on an area of 3600sq, the project houses different activities and services that help investments seekers from the target audience. The tower features areas start from 41sq. The company also provides up to 10 years payment systems, ElSaidy noted.
He pointed out that the company has completed the preparation of engineering designs and drawings for the “Bayadega” project with Mohamed Talaat, a consultant to the ministries project, the Islamic Cultural Centre and the Grand Mosque in the New Administrative Capital, fulfilling the design work for the project.
The company plans to start the implementation work on the project during the second half of this year and has contracted with an Emirati contracting company for such a concern.The contractual details will be announced next month, he continued.
In the same context, the company has a vision to pump LE3b investments in New Capital by the next stage, as a part of its expansion plan in this key area, which changes the real estate market concept, and attracts new assorted caps and partially boosting growth rates in this leading area, the CEO revealed.
The company also aims to form new alliances with Gulf real estate companies during the coming period, to inject new investments and developing a package of various real estate projects, especially in the cities developed by the state, ElSaidy pointed out.
The Egyptian government has managed to pave the investment climate in terms of equipping the infrastructure, facilitating procedures and granting investment advantages, which contributed to attracting Gulf investors and companies to the Egyptian real estate market, he affirmed.
ElSaidy forecasts a 10-15 per cent rise in real estate prices this year, driven by demand’s volume based on real estate and the relative rise in some building materials.