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Egyptian real estate developer New Event Developments announced its third project, Qamari, located in the New Administrative Capital (NAC) with an investment of 10 billion Egyptian pounds ($212 million).
Located in NAC's R8 district over 25 acres, the project features 7-storey residential buildings as well as swimming pools, a community mall, green spaces, sports fields, medical centre, social club and other amenities, the company's chairman, Hamied Al-Rgwy told Zawya Projects.
He said the project’s completion timeline is four years.
Al-Rgwy added that the project design was entrusted to YBA (Yasser Al Beltagy Architects) supplemented by Archrete.
He said construction will begin this year upon obtaining licenses with an initial investment of EGP 500 million ($11 million).
“We rely on self-financing and marketing revenue for project execution, with no current plans for bank loans,” he said.
The company has two other projects in NAC's Downtown area, comprising of H mall, a 12-storey project with offices, shops and warehouses and underground parking, and the 13-storey Traverse Business Complex offering a mix of offices and shops.
“Forty percent of concrete work of H mall has been completed while excavation works have started for Traverse Business Complex,” said Al-Rgwy.
He said New Event Developments' total real estate investments exceed EGP15 billion ($318 million), with projections to reach EGP25 billion ($530 million) by year-end.
(1 US Dollar = 47.15 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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