Nile Developments achieves EGP1.2 bn sales at its North 31 “Festival Towers”, its first project at the New Administrative Capital, within two months, Invest-Gate reports.
The company’s strong sales embody sheer excellence and value-addedness of its product, as North 31 lies at the heart of Down Town in the New Administrative Capital on the Green River. “Before investing into the NAC, the company was keen to carry out extensive studies so as to produce an upscale and unique product that fulfills the state’s concept and goal of creating skyscrapers matching those of Dubai, Manhattan and New York and attracting world famous brands,” says chairperson of New Developments Mohamed Taher.
“Through thorough studies at the heart of NAC, we chose a unique location overlooking the Green River and started building a Y-shaped skyscraper and with a façade enjoyed by all units, as the company is the first private developer to execute a skyscraper with this particular shape,” he explains.
In view of it underlining quality, the company tapped top consultants and specialists in building skyscrapers, namely Orascom Group’s CFM, Ahmed Salama Property Consultant, and Hany Saad Innovations Design Architecture HSI. North 31’s investments are set to reach EGP4 bn, as up to EGP1.5 bn funding is expected to be funneled into its constructions. “Sales of EGP4.5 bn are targeted and delivery will start in the span of 4 years,” he notes.
North31 spans an area of 18,000 sqm with a height of 131 m, and 36 floors (five underground floors), and is a commercial, administrative and medical mall with a 100m façade overlooking downtown district. North31 consists of five underground floors, followed by stories, and hotel apartments, including 1000 units, together with entertainment services, open spaces, gymnasium, a meeting room in every floor, cafes providing beverages to all offices, and a panorama.
North31 will be the first festival tower of its kind to make aesthetic and fascinating view in celebration of every occasion and event, as the open spaces and landscaping constitute 55% of its entire area. “The company is keen to utilize to the full all spaces inside North 31 and strive to create an affordable groundbreaking product,” Taher explaines.
Nile Developments seeks to generate EGP2.5 bn sales from North31 during 2021. With the aim of generating high returns on investment for clients, Nile Developments seeks to offer affordable units, prone to 1.5% increases every three months. North31’s initial exceptional bid, along with higher raw materials, drove the company to hike the prices by 7%, generating big gains for clients, as the company managed to sell a section of the second phase of North31 although the latter has not yet been put up for sale officially.
Regarding its participation in Nextmove exhibition, Nile Developments-Aharm Chairperson Mohamed Taher unveils outstanding offers for clients effective during the exhibition, namely 7%, (up from 4%) discount on installments and 4% ( up from 35%) discounts on cash scheme. North31’s offers further include 31% discount for those paying 31% in advance with the remaining amount being put on a 31-month installment plan.
Nile Developments has a remarkable tracking record in the Egyptian market. In 2018, Nile Developments and Al Ahram merged to launch a joint venture that executed exceptional projects in 5th Settlement with the construction of up to 200,000m areas being completed for the time being.