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| 08 October, 2018

Real Mark Developments invests $42mln in mixed-use complex in Egypt

The project is expected for delivery by 2020

Image used for illustrative purpose.
Heliopolis district in Cairo.

Image used for illustrative purpose. Heliopolis district in Cairo.

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Real Mark Developments made its debut in the Egyptian market by introducing West Mark, a mixed-use complex, with a built-up area of 27,000 sqm, spread over 13,700 sqm of land.

West Mark offers a new line of thought to office and commercial real estate in Egypt with EGP 750m in investments.

The project is situated in the upscale community of Jedar, Iwan Developments’ newest project in the Sixth of October City, according Chairman of Real Mark Developments, Mohamed Noweir.

West Mark enjoys a prime location on a 10-meter elevation above the 26th of July Corridor. The project is expected for delivery by 2020, Noweir noted.

During a press conference held on Monday, Noweir stated that Real Mark Developments is undertaking a new approach towards the development of comprehensive solutions that are customer-centric, and create value. 

“In order to supply for the ever-growing demand of office and retail real estate, especially with investors taking an interest in purchasing income-producing commercial assets, the market is overflowing with options that still lack a sense of originality. As developers, we are encouraged to employ new-to-market techniques in our developments, in order to translate our pioneering vision into a unique line of adaptable, cutting-edge residential, and mixed-use developments,” elaborated the company chairman.

West Mark stands as the product of a partnership between Real Mark Developments and Business Mark, a subsidiary vehicle from renowned Saudi company, Al Hussan Group. Business Mark signed a sale contract with Iwan Developments, enabling Real Mark Developments to carry out the development, design, construction, marketing, sales, and property management of all commercial plots within Jedar.

Mohamed Younis, CEO of ERA Commercial Egypt, said that “the tenant mix of the project is well thought of, in regards to the current market needs, as well as the surrounding area; it is carefully chosen to complete rather than compete.”

Split across 2 buildings, A and B, the complex provides fully finished office spaces ranging between 69 sqm and 121 sqm, along with the double height units sized 800 sqm, and above. It has a 10,000 sqm outdoor area, a total of 300 underground parking slots, easy access to a 3,000 sqm Oscar Market, banks, pharmacies, an assortment of F&B options, with sizes ranging between 150 sqm, and 200 sqm.

“Premium quality, innovation, and functionality make up the foundation of this project. Apart from the unparalleled location, West Mark takes the lead in introducing the concept of double-height units for the first time to the Egyptian market,” said ERA Commercial CEO.

“According to JLL, the second quarter of 2018 has witnessed an increase in the office stock to reach 1,050m sqm of gross leasable area, where around 142,000 sqm of retail space are projected to enter the market by the end of this year. West Cairo is expected to witness a potential pick up, in response to the increasing number of residential projects, as well as the anticipated opening of the Sphinx International Airport, which is set to have a major impact on the accessibility and business operations across the area,” concluded Younis.

 
 

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