Tarek Bahaa, CEO of Menassat Developments, reveals that the company has recently obtained the initial approval from the Administrative Capital for Urban Development (ACUD), on the designs and drawings of Podia Tower, Invest-Gate reports.
Podia Tower is the first energy-saving commercial, administrative and medical tower in the New Administrative Capital (NAC), with an investment of about EGP 2.5 bn.
Additionally, Bahaa highlights that Menassat has also obtained a civil defense report and a statement of validity, which confirms its compliance with the safety standards, construction codes, and technical specifications set by ACUD.
He further adds that Menassat has submitted the designs and extracted the insurance policy for construction, confirming that the construction will start by Q12022.
“Menassat believes in the importance of specialization and considers it as one of the main elements of success in the real estate development industry. Therefore, we took on multiple strategic partnerships with major companies working in the field of contracting, facility management, and financial consultancy,”Bahaa states.
Furthermore, Menassat signed an agreement contract with Pinnacle, Podia Tower’s engineering designer, and the same company that designed the New Alamein Towers. Pinnacle has over 30 years of experience in international engineering consultancy.
The company has also signed a strategic partnership with Sabbour Consulting, one of the leading multidisciplinary consultancy firms in the Middle East for the past 65 years. Under the deal, Sabbour Consulting will be supervising the implementation of the 25-floor Podia project.
“We signed a contract with the UAE-based Eltizam Asset Management Group, a technology-driven asset management group utilizing and developing the latest technologies, to manage the assets of the Podia project. Our most recent partnership was with Baker Tilly, a leading advisory, tax, and assurance firm in Egypt,”Bahaa adds.
“Menassat has a unique vision for this industry. In today’s fast-paced and technologically-advanced environment, it is essential to provide a more distinguished level of innovative, multi-use real estate products that can keep pace with the future and meet the needs and aspirations of clients who aim to invest in safe and sustainable real estate”, Bahaa concludes.