PROJECTS: Egypt's Empire State Developments appoints CBRE as property manager for El Centro project

$48mln El Centro project in the new capital is scheduled for completion in Q4 2024

  
Rendering of El Centro mixed-use project in the New Administrative Capital (NAC)

Rendering of El Centro mixed-use project in the New Administrative Capital (NAC)

Empire State Developments/handout via Zawya Projects

Egypt’s Empire State Developments has appointed CBRE to provide property management consultancy services for its 750 million Egyptian pound ($48 million) El Centro mixed-use project in the New Administrative Capital (NAC), the company chairman said. 

Mahmoud ElSarrag told Zawya projects that the 24,000-square metre mixed-use project, located in NAC’s downtown area, includes 1,000 units for shops, offices, clinics and hotel apartments. 

He said CBRE would provide property management and facility management consultancy services for El Centro, adding that enabling works for the 15-storey project started two weeks ago 

The project would be completed in the fourth quarter of 2024, he said. 

El Sarrag said ACE Moharram Bakhoum is the lead consultant, while construction contracts have been awarded to Empire Construction, Al Hamad Contracting Company and Nile Contracting Company. 

He pointed out that Kuwait’s Safir Hotels & Resorts will manage the 100-key hotel apartment portion of the project. 

El Sarrag said the company will spend 150 million pounds ($9.6 million) on El Centro’s construction work in the last quarter of 2021 and expects to spend 450 million pounds ($29 million) on construction in 2022. 

He also disclosed that they are studying a residential project in NAC, and new projects in Alexandria and Port Said governorate. 

(1 US Dollar = 15.71 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

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