Dahab Development debuts second phase of ITC project at Egypt's NAC

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Real estate company Dahab Development announced last week the launch of the second phase of their Iconic Trinity Complex (ITC) project — its first project in the New Administrative Capital (NAC).

Chairperson of Dahab Development Nader Moawad said that Egypt is going through a historic stage, given the state and political leadership’s drive to support urban development projects and launch fourth-generation cities, especially the NAC.

Moawad also pointed out that the company is considering launching new projects during the coming period; more specifically, either a residential project on the NAC’s R8 or in the Beit Al-Watan area of New Cairo.

For his part, Vice Chairperson Youssef Nader Moawad said that the launch of the second phase of the project comes after the success of the first phase, adding that the project is located in the NAC’s MU-23 Area.

The project spans over 25,000 sqm with a 30% built-up area. Moreover, the ITC project’s total investments reached EGP 1bn and will be completed next October, he noted.

He also explained that the company follows a specific sales policy based on selling the project in phases to protect it from price fluctuations and hikes in construction cost that the market is currently witnessing, pointing out that 25% of the project has been sold out.

Meanwhile, Sherif Moawad — Member of the Board of Directors of Dahab Development — stated that the project will start operating next March, disclosing that the total area of the project is 25,000 sqm, with 2,450 sqm allocated for each floor, and that the project is divided into a ground floor and nine storeys. The building also includes two basements with a total area of the project’s land, and a garage on an area of 16,000 sqm that can accommodate 600 cars.

Furthermore, the chairperson disclosed that his company has contracted with senior consultants to ensure the project comes out in its best form, including YBA Architects — which is headed by Yasser Al-Beltagy — to prepare the project designs, Lebanese Chaddad Group to handle the interior finishes of the project, in addition to Walid Abdel Ghaffar’s PROMET to carry out electromechanical works, and ITC, which is responsible for the project’s construction works.

Member of Dahab Development’s Board of Directors Hany Sobhy said that the project is situated in the first area to operate in the NAC, which boasts high completion rates and advanced construction on the ground.