|04 December, 2019

Karma launches INIZIO mall in NAC with $31mln investment

The project consists of seven floors

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh

Karma Construction launched its INIZIO project in the New Administrative Capital (NAC), a 4,900-sqm medical and administrative mall.

Ahmed Moustafa, chairperson of Karma, said INIZIO is the company’s first commercial project in the NAC, as it seeks to meet the customers’ expectations of acquiring affordable and versatile units, adding that the project’s investment cost reached EGP 500m and will be fully completed in 2022.

INIZIO consists of seven floors other than the ground floor, comprising 188 units with various areas ranging from 34 to 1,268 sqm, in order to address needs of all customers, and the prices start from EGP 31,000 per sqm, he elaborated.

Additionally, INIZIO comprises a garage with a capacity of 120 cars, consisting of two separate entrances, one for administrative units and the other for medical units, to ensure the convenience and privacy of customers.

“Karma introduces a flexible payment plan to meet customer expectations, up to 8 years,” he said.

He disclosed that the company plans to launch another project in the NAC in 2020, in addition to a 16-feddan project in the North Coast.

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