Empire State Developments announces contracting the global company CBRE to provide consultancy for property and management in El Centro project in the New Administrative Capital (NAC), Invest-Gate reports.
Mahmoud Elsarrag, chairman and CEO of Empire State Developments, says that partnering with the international company CBRE is a strong addition to El Centro project, and comes within the company’s strategy to choose success partners to develop its project. He adds that the CBRE will be responsible for providing consultancy services for property management and facility management to El Centro Business complex over and beyond.
El Centro is a 15-storey mall and is located on 24,000 sqm, with total investments worth EGP 750mn. The mall comprises three floors for commercial units, in addition to, medical and administrative units besides hotel units managed by Safir International Hotel Management Company. The project also includes a multi-level garage with smart parking system.
Empire State started construction on the project at the beginning of October, and the entire project is set to be delivered in Q4 2024, with targeted sales amount to EGP 1.2bn.
ACE Moharram-Bakhoum will assume role of engineering consultant for the project, meanwhile, Empire Construction, Al Hamad Contracting Company and Nile Contracting company will build the project. Price per square meter in administrative units of the project starts from EGP 23,000 with space starts from 30 sqm. Additionally, the company will offer payment plan up to 20 years.
However, Empire State intends to record EGP 600m in sales by the end of 2021. The real estate developer succeeded in achieving sales of EGP 250m since the beginning of the year until the end of September.
Elsarrag points out that the company plans to direct EGP 150m into El Centro constructions in Q4 2021. The company is still studying investing in a residential project, specifically in R8 area at the NAC.
The contract was signed by Chairman and CEO of Empire State Developments Mahmoud Elsarrag and Director of Property Management at CBRE Ciaran Lynch.
