MAQAM MISR Developments has announced nearing completion of excavating and levelling for its 5 East Tower project in Egypt, removing the equivalent of 120,000 sqm, Invest-Gate reports.

The real estate firm plans large-scale concrete construction within two months and new project launches in 2024, Chairman El Saeed Shaaban said, as it diversifies its portfolio.

Excavation has reached 14 meters at the 14-story commercial and administrative tower, which the company is licensing. It’s located on 3,585 sqm overlooking a 75-meter-wide axis and 28,000-sqm garden.

Floors include retail, F&B and first-class administrative units. The company pre-sold 75% to hedge costs and holds 25% inventory.

Shaaban said studies informed flexible plans that enabled past success and priced units including expected increases.

Experience aids in tackling challenges and seizing opportunities from urban development, he added.

MAQAM MISR will unveil a new 2024 project adding unique value as it capitalizes on openings from the state’s comprehensive transformations.