Nakheel Developments inks a contract with a group of companies to manage and develop the “Double Two Tower” project in the New Administrative Capital (NAC), Invest-Gate reports.
This step is part of the company’s plan to cooperate with strong entities in several disciplines to develop a flagship project as well as to maintain its quality and investment value.
Sherif El-Domyati, head of the commercial sector at Nakheel Developments, points out that the company is cooperating with Mimar Egypt Engineering Consultants, EFS Facilities Services, and Time Hotels.
He states that the Double Two Tower project spans over 9,000 sqm and comprises administrative and commercial units besides, serviced apartments. The project’s commercial part is constructed on 45% of the total project area.
El-Domyati states that the project investments are estimated at nearly EGP 3 bn, noting that the company aims to sell out about 70% of the project in 2021 and to deliver the tower within three and a half years.
On the other hand, he adds that the company is currently developing the Trio V Tower project in NAC. It is a medical, administrative, and commercial project that spans over 7,000 sqm, featuring 2,100 sqm of built-up area (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; meanwhile, the rest of the project varies between administrative and medical units.
He remarks that ACE Moharam Bakhoum assumes the engineering consultant role of the project, noting that about 70% of the tower has been sold out since its launch in March 2021.
“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 the schedule agreed upon with the Administrative Capital for Urban Development (ACUD) company,” El-Domyati comments.
“The total current investments of the company amounted to approximately EGP 4.5 bn, as it relies on self-financing with its strong financial solvency. Besides, the company has an expansion plan in the real estate market in the coming period, then developing more diversified projects in new areas, including New Alamein, after completing all market studies,” El-Domyati adds.
Commenting on the partnership, Mohamed Awadalla, CEO at TIME Hotels, states that the Double Two Tower project is the company’s third project in the Egyptian market, adding that his company chooses its partners carefully, and wisely choose the projects which it puts brand.
Besides, Chief Commercial Officer at EFS Facilities Services Hisham Saleh says 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 on 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 comments that Mimar chose Nakheel company to cooperate with it, to present a unique and brilliant project, mentioning that Mimar Egypt Engineering Consultants classifies the Double Two Tower project as a high-rise building project.