ARQA Development Group launches the second phase of “I Business Park” towers, with targeted sales of 3 billion pounds
ARQA Development Group has announced the launch of the second phase of its “i Business Park” project in the New Administrative Capital, with targeted sales of about 3 billion pounds. The singer Angham starrred it, in the presence of a large number of real estate leaders, developers, business leaders, investors, journalists and media professionals.
The ceremony began with the speech of the Chairman of the Board of Directors, Eng. Mahrous Al-Zainy, in which he thanked President Abdel Fattah El-Sisi and the state for the support of investors and businessmen and for the achievements of the Egyptian state in record time in general and the administrative capital in particular.
In this context, Ahmed Gamal, CEO of the company, confirmed that the second phase of the project is dedicated to commercial and administrative activities, and this phase includes 450 commercial and administrative units with a total built-up area of 43 thousand square meters. The investments of the second phase amount to 1.250 billion pounds, and it is planned to start delivering them in 2024.
He added that the company has started excavation work on the project, and has begun to carry out drilling works at a depth of 18 meters. The project includes two sales and executive phases. The company launched the first phase of the project in August 2020, and about 75% of that phase was fully marketed with contractual sales of 1.250 billion pounds.
He pointed out that the “i Business Park” project consists of 3 mixed-use towers in the Downtown area of the New Administrative Capital, and the consultant office Hussein Sabbour plays the role of an engineering consultant for the project, and cooperation has been made with the 𝐊𝐀𝐃 Company for the management of commercial facilities, where 𝐊𝐀𝐃 Company provides a package of Professional consultancy specialized in the project.
He explained that the company has a plan to launch a new project in the new administrative capital and is still in the negotiation stage with the Administrative Capital for Urban Development on the new project, and the company plans to invest in the new city of Alamein, as part of the state’s plan to direct investments to new areas.
He stressed the importance of the state’s initiatives in support of the real estate sector, the latest of which is President Sisi’s initiative to grant real estate financing at an interest rate of 3%, which would stimulate sales to a specific housing segment and spread the culture of real estate financing among citizens and facilitate the citizen’s access to a housing unit
Ahmed Zeyada, Marketing Manager, thanked the marketing companies for achieving tremendous sales results for the project, and presented them with valuable gifts, including a number of cars. The first place holder won a Mercedes car, and the prizes for the second phase were announced.
Quoted from Business Elite: Written by Youssef Ahmed