The New Generation Real Estate Development celebrates the launch of the Botanica project in the New Administrative Capital, with targeted sales of EGP 2bn, Invest-Gate reports.
Furthermore, New Generation signs a partnership contract with the Foreign Ministry to develop the Botanica project in the New Administrative Capital, according to a company press release on April 14.
On his part, Ahmed Selim, CEO of New Generation, says that the project extends over an area of 23 acres in the R7 New Administrative Capital. It includes 1,000 residential units, a commercial mall, and fully finished hotel units. The project is marketed in two sales phases after it was planned to be marketed in five stages, due to the high demand during the initial reservation period.
He points out that it is planned to start the implementation of the project within three months, and all the work will be completed in three years. The price per square meter starts from EGP 9,200 up to EGP 12,000 for the first phase with payment facilities for 10 years, the statement reads.
Assem Fadel, chairman of New Generation, further adds that the company plans to invest EGP 5 bn over the next five years in various projects to benefit from the accumulated experiences of its founders.
Moreover, he says that the new capital was a dream and the state was able, with strong efforts and an accelerated work volume, to implement advanced stages and multiple projects in a record time, which made the dream into a reality.