Nile Developments achieves record sales of over EGP 2 bn in its Tycoon Tower project in just 7 hours on the first day of the offering, Invest-Gate reports.

The units sold cover more than 50% of the units offered in the first phase of the project.

Nile Developments applies the shared ownership system to its units for the purpose of investment, which allows for the control of the units’ operation.

Mohamed Taher, Chairman of Nile Developments, notes that Tycoon Tower is an international property product that benefits owners.

Taher adds that the tower has been picked to represent the projects of the New Administrative Capital in the MIPIM exhibition in France.

He reveals that prices at Tycoon Tower start from EGP 168,000/m, which is a very fair price.

It is worth noting that Tycoon Tower is 233 meters high, and is planned to be the tallest hotel in Africa.

Early in February, Khaled Abbas, Chairman of Administrative Capital for Urban Development (ACUD), witnessed the launching ceremony of Nile Developments’ Tycoon Tower.