Unite Development Group (UDG) for urban development announced the launch of E Tower, its first, mixed-use project in the New Administrative Capital with investments estimated at LE750 million.
Spanning over an area of about 3,500 square metres with a total built-up area of 14 thousand square meters, the 14-story project is in one of the most distinguished locations in the Central Business District “CBD” of the New Capital, with a distinctive and direct view on the iconic tower and near various vital and entertainment areas, a senior company official said.
Mohamed Mounir, CEO of the company, added during a press conference held to announce the details of the project and the strategic plan for the company’s work during the coming period that the project is the company’s first in the field of urban development and one of the projects that the company intends to put up during the current and next years with total investments estimated at about LE5 billion.
The project, he also said, comes within the company’s work plan, which depends on the introduction of a number of various real estate projects that meet the needs of the market and provide innovative and sustainable solutions in new cities.
“GRID is the architect while ACE Moharram Bakhoum is the main consultant,” he added.
Tarek El-Gedawy, managing director of the company’s commercial sector, said the choice of the CBD to embrace the company’s first project did not come out of nowhere, but rather came as a result of an extensive study of the best and most attractive investment opportunities on both the local and foreign scopes.
El-Gedawy added that enabling works have started, and E Tower would be delivered in four years (by 2025), pointing out that the company plans to launch its second project during the first half of 2022 in New Capital also; hence the many investment opportunities there.
Within the framework of the company’s expansion plan during 2022, a number of investment opportunities and their feasibilities are being probed, he concluded.