Jadeer Group announces the start of construction on its first project, Code, in the New Administrative Capital (NAC), with an expected sales volume of EGP 2 bn, Invest-Gate reports.

According to Mohamed Abu El Khair, Chairman of the Board of Directors of Jadeer Group, the site’s leveling work has been completed; excavation work is underway. According to the project’s timeline, three basements are scheduled to be delivered by the end of the current year. The construction work on the upper floors will commence by the beginning of 2024.

Abu El Khair adds that Code is located in a prime location of NAC’s Downtown, overlooking the central park, covering 7200 sqm.

The commercial, administrative project consists of a ground floor and 12 floors, with an investment cost of EGP 1.3 bn, targeting sales of around EGP 2 bn. According to the project’s timeline, it is scheduled to be delivered by the end of 2026, in addition, it targets selling out the project by the end of Q3 2023.

Abu El Khair states that the project consists of three separate towers connected by bridges, facilitating client access. The company provides flexible payment plans starting at a 5% down payment and up to 10 years of installment without interest.

Jadeer ‘s expansion plan targets the implementation of a series of projects in different areas, especially the Fifth Settlement, which is witnessing a significant trend from developers and a high demand for it, Abu El Khair reveals.

The company also targets Sheikh Zayed City, the 6th of October City, and the New Administrative Capital, with a total investment of EGP 2.5 bn in all of Jadeer ‘s new projects.

Notably, the company is conducting a comprehensive review of its investments and working on redefining the investment philosophy for the coming period.