Capital Development Company launches its first projects in the real estate market Stars Mall in the New Administrative Capital (NAC) for contractual sales that exceed EGP 450 mn, Invest-Gate reports.
Ihab Al-Obeidi, head of the commercial sector, says that the Stars Mall project is implemented on an area of 3,007 meters at the site guardian in the R3 region, and it is a specialized commercial mall that includes 110 floors ranging from cafes and restaurants, pharmacies and center houses, according to a company press release on March 31.
The reservation in the project started in January 2021 and so far, 30% of the project has been sold. It is expected that the company will achieve contractual sales estimated at EGP 350 mn until the second half of the current year while pumping approximately EGP 100 mn as investments during this period.
Al-Obaidi further reveals that they contract with Sherif Elwan, one of the largest consulting offices in the world, on the engineering designs for the project. “Negotiations are underway with the largest companies to manage the project,” he continues.
“The project is scheduled to be delivered in 30 months as work is underway. The administrative capital has become a front for real estate investment, especially as it is a national project that enjoys support from the state and is implemented at the highest level of international specifications that will make Egypt strongly compete with international markets in exporting real estate,” he concludes.