Nakheel Real Estate Development Company achieves contractual sales in the first phase of the Trio V Tower in the New Administrative Capital (NAC) worth EGP 430 mn within a record time of 10 days, Invest-Gate reports.
Eng. Sherif Al-Domyati, head of the commercial sector at Al-Nakheel, explains that the total area of the project is estimated at 7,000 sqm, and construction is taking place on an area of 2,100 sqm, or 30% of the total area of the project, explaining that the project consists of a ground floor and 14 floors, with commercial activity.
He also notes that the company is launching the second phase of the project within days, after the company’s achievement in selling the first phase in full within only 10 days.
He states that the company plans to announce a huge project in NAC after Ramadan, given that commercial and medical activities are the most unaffected sectors by the repercussions of the coronavirus.
Al-Domyati expected a strong recovery in the real estate sector during the current year, with the initiatives of the Central Bank of the sector, in addition to the decrease in the interest rate, indicating that the new cities created many investment opportunities and attracted regional, foreign, and local investments.
It is worth noting that the Trio V Tower is considered the first of the company’s projects in Egypt. The company started in the United Arab Emirates (UAE) in 2002 with the establishment of Global Property Management for Real Estate Development, through which the company developed and marketed many projects, which prompted it to transfer its expertise.