Arqa launches second phase of I-Business Park
Egypt’s Arqa Development Group (ADG) has launched the second phase of its I-Business Park project in the New Administrative Capital (NAC) with sales target worth EGP3bn.
The announcement of the new phase was made during a momentous party at 5th Settlement’s Triumphant Hotel anchored by media man George Kerdahy, where he unleashed a contest under the slogan “ Who wins with Arqa?”.
Singer Angham performed some of her hits and the event was attended by a plethora of real estate tycoons and developers, top businessmen, investors, journalists and media men.
The event began when ADG’ chairman Eng. Mahrous El Zeny delivered a speech, as he expressed his gratitude to President Abd El Fattah El Sisi and the state for supporting investors and businessmen and lauded the achievements, generally speaking, and the New Administrative Capital, in particular, that were carried out at the hands of the Egyptian state in record time
According to chief executive of ADG Ahmed Gamal, the second phase of the project is dedicated for commercial and administrative activities. This phase comprises 450 administrative and commercial units over a built-up area totaling 43,000 m, as its investments amount to EGP1.250bn and delivery starts in 2024.
“The company started digging operations at the project’s working site at a depth of 18m,” said he.
The project includes two phases for selling and construction works.
It’s noteworthy that the company launched the first phase of the project back in August 2020, as 75% of this phase has been fully marketed to yield EGP1.250bn in contractual sales.
I-Business Park project comprises three 20-storey towers at New Administrative Capital’s Down town, he explained.
Consultant Hussein Sabbour will act as engineering advisor for the project. Also, KAD, extending specialized professional guidance, will run the commercial facilities at the project.
“The launch of a new project in the New Administrative Capital is now mulled over and subject to negotiation with Administrative capital for Urban Development. Also, the ADG plans to invest in New Alamein City within the state’s plan for investing in new areas.”
The state initiatives launched in support of the real estate sector, including the latest one encompassing a 3 percent mortgage, are dubbed by Gamal as instrumental in boosting sales for a particular income-based segment of customers and raising awareness about mortgage funding among citizens, together with helping everyone get a housing unit.
I-Business Park manager Ahmed Zyada paid tribute to marketers for them scoring groundbreaking sales for the project and gave them presents, including cars. The contestant that came first received a Mercedes car. Zayada announced the second phase prizes.
