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Egyptian developer Mazaya Developments announced its fourth large-scale project in the nation's rapidly developing New Administrative Capital (NAC) with a total investment of 5 billion Egyptian pounds ($105 million).
Chairman Mohamed Allam told Zawya Projects that the project, which is yet to be named, will be an integrated commercial, administrative, and medical complex, featuring a ground floor, nine upper floors, and three basement levels.
The ground, first, and second floors will be dedicated to commercial spaces, while the third to ninth floors will have offices.
Allam said a separate building will be allocated for medical units, with a dedicated management company Tashawer overseeing its operations.
He said the developer has partnered with Archrete for the architectural design and Brain 2 Fact to manage the commercial and office components.
In his comments, CEO Mohamed Mostafa emphasised the company's commitment to long-term sustainability. "The nature of commercial, administrative, and medical buildings necessitates business plans exceeding 10 years. This ensures a comprehensive product that facilitates investment for our clients," he said.
The new project builds upon Mazaya Developments' prior achievements in the NAC. The company is building three projects representing a combined investment of EGP8 billion ($167 million), including The Rook, Gemini Blue, and Gemini Red, all situated within the Downtown area.
Mostafa said 40 percent of The Rook’s construction has been implemented, 60 percent of the project sold to date, and the remaining part will be marketed after the completion of its construction
“We have also completed 10 percent of the Gemini Blue project and 10 percent of the Gemini Red project with 60 percent sold in each,” he noted.
He said the company is currently focusing on construction across its projects, allocating EGP500 million ($10.54 million) for this purpose. Additionally, they aim to achieve EGP1 billion ($21 million) in sales and are preparing to launch their fifth project before the end of 2024.
Mostafa said he is highly optimistic about the investment potential within the NAC.
“There are still promising investment opportunities in the city, fueled by a high volume of projects currently under construction in the first phase, in parallel with design and construction plans picking up in the second, third and fourth phases,” he concluded.
(1 US Dollar = 47.85 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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