Al Naser Developments, one of the largest real estate developers in Egypt, has started handing over units at Golden Tower 1, its first project in the New Administrative Capital (NAC), Invest-Gate reports.
The company delivered the project units despite economic challenges that could have negatively impacted construction quality and progress. Most notably, the COVID-19 crisis hampered economic sectors worldwide. Additionally, Egypt’s exchange rate liberalization and the global economic crisis led to unprecedented hikes in building material prices, increasing construction costs.
Al Naser Developments CEO Ahmed Naser said the on-time delivery impressed customers and exceeded specified timelines, despite real estate market challenges.
Naser added, “We accelerated construction at the highest quality level. We overcame economic hurdles to complete the project according to the highest international standards, meeting customer aspirations.”
He noted deliveries began ahead of schedule with the highest quality standards, exceeding specifications set by the Administrative Capital for Urban Development company.
Naser said that the company always seeks to provide superior real estate products and respect agreements with customers. This positively reflects on the real estate industry and supports the national economy, the top executive added.
Naser explained that Golden Tower 1 is a mixed-use project spanning over 3,000 sqm with EGP 500 mn in investments, achieving more than 100% investment returns for customers despite extreme price increases.
Golden Tower 1 Mall is strategically located in a prime occupied area of the New Capital, MU23 area, between the second and third residential neighborhoods which are populated with all services and facilities. There are nine nearby schools, four of which are open.
Al Naser Developments has over 30 years of construction experience, developing over 100 projects in Gulf countries representing over EGP 50 bn in investments. The company has also built major projects in Saudi Arabia for international companies including Pfizer, Mars, Almarai, and Total.
