Skyway Development has reported its plans for delivering the Bayadega, Downtown New Capital project in the towers area of the New Administrative Capital (NAC).
The project is expected to get EGP 700mn in investments. The real estate development company is also looking at Gulf investors in creating different undertakings projects through the next phase.
The company procured a plot in the Downtown New Capital area to build up an administrative, commercial, and medical project that will be developed by international standards.
The plot will enjoy the first hanging food court in the NAC and will help for the latest real estate market development trends, as per the Skyway Development CEO Hosny ElSaidy.
He further said that it will also witness the entry of new real estate products as an addition to the sector.
Skyway Developments has preferred to begin with a project in the NAC to test the market’s appetite for different new real estate products, mainly in the Downtown area, an area of ferocious rivalry among real estate developers.
It set a development plan that is similar to its market development methodology, giving brand-new investments during the next stage, ElSaidy said.
Bayadega, the Downtown New Captial project, will be built over 3,600 sqm and will have different activities and services that target the investment-minded of the target audience. Units will be from an area of 41 sqm, with the company also giving payment systems of up to 10 years, ElSaidy noted.
He further said that the company has completed the preparations for the project’s engineering designs and drawings. The engineering consultant office, Mohamed Talaat, a consultant to the ministries project, the Islamic Cultural Center, and the Grand Mosque in the NAC, took the design work for the project.
The organization intends to begin the execution work on the project during the subsequent half (H2) of 2021 and has contracted with an Emirati contracting organization that had practical experience in crafted by towers.
This will permit Skyway Development to profit from the Emirati organization’s experience on this kind of activity. The contractual details will be declared one month from now, ElSaidy proceeded.
The organization has a dream of providing EGP 3bn in investments to the NAC in the next stage, as a piece of its extension plan in this key territory. It reflects an adjustment of the Egyptian real estate market concept, drawing in new various covers and somewhat boosting development rates in this driving region, ElSaidy uncovered.
The organization intends to form new alliances with Gulf real estate companies during the coming period. This will infuse new ventures and building up a bundle of different real estate projects, particularly in the urban communities created by the state, he said.
The Egyptian Government has figured out how to clear the investment climate regarding preparing the framework, facilitating procedures, and giving venture benefits.
These have added to attracting Gulf investors and organizations to the Egyptian housing market, he asserted.
ElSaidy projects a 10-15% ascent in realty costs this year, driven by the volume of interest dependent on real estate and the general ascent in some structure materials.