Owagik Development has announced the launch of the Owagik Towers project in a premium location in the downtown area in the New Administrative Capital (NAC), with an initial investment of EGP 1.7 bn, Invest-Gate reports.

Deputy Chairman of the Board of Directors, Mohamed El-Sayed, explains that the project is located in the heart of downtown. Besides, the project is distinguished by the background of the Green River and its view of the central garden and main streets.

Moreover, he indicates that the total area of the project is 8,050 m, including 596 units. The project is a mixed-use project (commercial, administrative, medical, residential), and consists of four basements, a ground floor, and 14 other floors.

Furthermore, the ground and first floors have been allocated for commercial activities, cafes, restaurants, and shops with a total of 82 units. While, starting from the second floor, the project is divided into three towers of different activities.

The first tower is a specialized administrative tower that includes 270 fully-finished offices with air-conditioning, and areas ranging from 32 to 125 m. The second one is a medical tower that includes 104 clinics and medical centers for the first time in NAC. Meanwhile, the third tower is a hotel residential tower with fully-finished 140 residential units, with areas ranging from 40 to 125 m.

The company has provided different areas to achieve the maximum benefit from the unit to customers, whether for housing or rent, besides, a plaza with an area of 5,300 m, where everything that customer needs is available.

In a related context, El-Sayed reveals contracting with a consulting group for health care, Dr. Khaled Samir, in order to find out the required standards specifications for the implementation of a specialized medical tower, as well as, a contract was signed with the engineering consultant DCI +, Waleed Morsy, for engineering and construction designs, in order to reach a distinguished real estate product.

Additionally, El-Sayed remarks that a specialized company is to manage the entire project to ensure the quality of the project’s operation, as well as, to achieve the highest rates of benefit for its clients.

For his part, Emad Mohamed Qasem, chairman of the board of directors of the company, points out that the company aims to achieve sales exceeding EGP 2.3 bn for this project, and it is scheduled to pump EGP 250 mn as investments in the project during 2021, provided that the project’s delivery will be within three years from the date of contracting.

Moreover, the company has begun the site’s construction works after receiving the land allocation decision and finalizing the procedures, in addition, it has put the project’s execution plan according to the scheduled delivery date.

On the other hand, Qasem reveals that the company has a plan to implement a specialized medical project in NAC during the coming period, in addition, the company is currently developing two large projects in the medical sector in the 6th of October City, on an area of 14,000 sqm and 4,000 sqm in high-density areas.