Landmark, SAK Form JV for New Project in NAC

Landmark, SAK Form JV for New Project in NAC

Horizon, a joint venture (JV) between Landmark for Real Estate Investments and SAK Developments, will develop a new commercial and administrative project, “Elite New Capital,” in the New Administrative Capital (NAC), east Cairo, Invest-Gate reports.

“The cooperation between the two sides is aimed at benefiting from the qualifications and expertise of both companies to build a distinguished project, or Elite New Capital, that is capable of meeting customer demands and competition in the NAC,” Shady Said, chairman of Horizon, uncovered in a meeting held on July 25.

The JV has been newly established to manage projects owned by both parties in the new capital, according to Said.

The new development endeavors to introduce new and unique standards for commercial and administrative projects in Egypt. It is located in plot number A3 in NAC’s MU23 residential district and is expected to be delivered in 2022, he noted.

With construction permits underway, Elite New Capital will consist of two buildings, encompassing 48 commercial units, along with 182 office and medical units, in addition to meeting rooms, cafés, gyms, and parking spaces, Said further stated.

Meanwhile, according to the chairman, the company aims to achieve sales of Elite New Capital estimated at EGP 150 mn during the current year.

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