(MENAFN- Daily News Egypt)
A consortium of ASGC construction from the UAE, Saudi Egyptian Developers, and Hassan Allam Holding has agreed to develop and upgrade the land of the dissolved National Democratic Party, as announced by the Sovereign Fund of Egypt (TSFE) to investors, according to“two high-level sources familiar with the deal.”
The sources, who requested anonymity, said that the preliminary agreement was reached some time ago and final contracts are being finalized. They said that the total investment for the expected project, which is a mixed-use development, is about $5bn.
The sources also said that the TSFE aims to offer new buildings in the downtown area to investors after adding several assets to it, as part of a strategic plan to revitalize the downtown area and turn it into a hub for startups.
The planned project on the land of the dissolved National Party, which covers an area of around 16,500 square meters, will involve transforming it into a commercial and residential project, with Nileus Housing and Hotel Services in charge of the development rights. The winning consortium will invest in the project by joining the capital of Nilus Housing and Hotel Services.
Nileus Housing and Hotel Services will build a 75-story hotel, commercial, and administrative tower on an area of up to 3.95 feddan, while Nilus Housing will build a residential tower with 446 luxury housing units over 50 floors. Both companies are expected to finish the project, which will be launched in three phases, by the end of the second quarter of 2028.
The official newspaper reported that Nilus Housing and Hotel Services have obtained the golden license to establish, operate, and manage the project, including building permits. The companies are obliged to execute the project according to the set timeline.
Established in the United Arab Emirates in 1989, ASGC Group provides comprehensive general contracting solutions for key sectors, such as residential, commercial, healthcare, industrial, hospitality, entertainment, infrastructure, oil, and gas, according to its website.
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