Egypt-based Living Yards Developments obtained on July 11 ministerial approval for the development of its first flagship project in the New Administrative Capital (NAC), The Loft, which is being implemented with investments estimated at EGP 2.5 bn, Invest-Gate reports.
The company is currently preparing to undertake drilling and construction works on-site, in accordance with the recently approved engineering designs and masterplans for the 23-acre development, which is located in NAC’s R7 District, Hashem El Kady, head of Living Yards’ commercial sector, said in a recent press release.
“So far, we managed to sell more than 50% of residential units at The Loft’s second phase, with costs worth nearly EGP 1.2 bn, alongside a number of retail and administrative properties at Loft Capital Center (LCC) – the project’s commercial zone,” El Kady revealed.
Regarding LCC, it is positioned in a prime spot that will make it the main outing and shopping destination, aiming to serve not only The Loft’s residents but also all visitors and inhabitants of NAC’s Diplomatic District and Expo City, he noted.
According to El Kady, unit sizes at the center range from 42 to 350 square meters, complemented with underground car-park, and are offered at competitive prices to meet the needs and demands of buyers from all income groups.
Inspired by British postmodern architecture, The Loft features real English lofts, which have no walls and could be apportioned as desired. It boasts luxury-finished units, ranging from one- to five-bedroom apartments, duplexes, and penthouses, with areas varying between 78 and 350 square meters, customizable based on personal preference.
It also grants clients unprecedented safety as it comprises a single external ring road, almost 16 meters wide, surrounding the entire compound and providing one pathway for vehicles. This comes on top of a variety of swimming pools, including a semi-Olympic pool, as well as, lagoons, barbecue areas, extensive underground garage, and a separate bicycle track.
Living Yards is owned by two investment groups: AM Group and Egyptian Swiss Group. The volume of both firms’ annual performance exceeds EGP 4 bn.