VOW Developments aims to achieve EGP 500 mn in sales of its SOLAS administrative project in the New Administrative Capital (NAC) in 2020, Invest-Gate reports.
The property developer targets EGP 1.1 bn in total sales of the entire 6,600-square-meter project within the next two years, VOW Developments’ Chairman Amr Ashour noted.
With 24,000 square meters offered for sale, along with a built-up area of 34,000 square meters, SOLAS was launched for reservation last month, receiving many applications from prospective buyers since then, he added.
Ashour added that SOLAS, which will be developed over four phases, encompasses two basements as well as ground and seven floors, overlooking the Presidential Park.
The administrative complex offers a number of fully-finished units, with sizes varying from 48 to 530 square meters, aiming to cater to a large clientele base. Customers will also relish several payment terms, with prices starting from EGP 29,000 per square meter, in addition to a 10% downpayment and equal installments over seven years, he highlighted.
Currently, the company is studying a number of investment opportunities in NAC, which the state plans to mark the country’s central business hub, especially after the relocation of ministries, embassies, and other high-profile bodies to the new capital.
In January, Ashour stressed that construction works will begin on SOLAS’ site in Q2 2021, aiming for delivery in the subsequent year, emphasizing that project implementation will be self-funded, alongside sales proceeds.