(MENAFN- Daily News Egypt) Margins Developments has completed the construction works of Zia Business Complex in the New Administrative Capital (NAC), Chairperson Mohamed Al-Aasar told Daily News Egypt.
Al-Aasar said that the complex was sold out and it was planned to be delivered by mid-2024, with total sales of EGP 1bn.
Built on an area of over 18,000 sqm, Zia is a mixed-use project comprising 176 units with spaces ranging from 24 to 224 sqm.
Al-Aasar added that the company applies the standards of the International WELL Building Institute (IWBI), the global authority for transforming health and well-being in buildings, organizations and communities around the world, to maintain the quality of buildings and their impact on health of occupants, in addition to raising investment return of units.
He pointed out that the company mulls increasing volume of its business through the development of several new projects, and diversifies its projects portfolio to include residential, commercial and serviced residences projects. Moreover, it aims to invest in the North Coast region in the next year, considering the North Coast as an ideal investment destination for real estate development companies.
He further noted that the company is currently developing Oaks Egypt New Capital. The project spans over 9,000 sqm at NAC and comprising a ground floor with a 14-storey building including two commercial floors and 12 floors allocated for serviced-apartments.
He elaborated that the project's target sales was EGP 2.5bn, adding that the company obtained construction licences for the Oaks project, and the excavation works were completed. The construction works on the project are expected to begin in mid-July.
The company's chairperson explained that the company has partnered with the globally acclaimed
Minor Hotels to work on OAKS, making its debut with its first projects in Egypt.
Margins Developments aims to direct EGP 300m of investments in construction works of the Oaks project during the second half of this year, Al-Aasar disclosed.
He explained that the company is arranging to launch a new serviced-apartment project during the coming period in New Cairo with over 30 feddan as part of its plan to expand its hospitality projects and diversify its investment portfolio.
He further noted that the majority of the company's total sales are for the benefit of Egyptian expatriates and foreigners, added that serviced units are among the most requested properties by foreign clients, went on saying that foreign client is primarily looking for the seriousness of developer and his financial solvency, as well as commitment to construct and deliver units and that's why they put their trust in Margins Developments.
He said:“The state adopts the idea of revitalizing the tourism sector as one of the main tributaries of Egypt's economy, and provides great direct and indirect job opportunities; however, there is a great shortage of hotels and tourist resorts. Consequently, the private sector has to participate in providing resorts and hotels to contribute directly to supporting and boosting the tourism sector as well as attracting a larger segment of foreigners.”
Al-Aasar concluded that the New Capital project accounts for 70% of current market sales, and this is supported by several main factors, most notably government support for the project and the establishment of an unprecedented smart infrastructure in the city as well as good planning for the project. This will prompt a real boom in promoting the project during the current period.