ARQA lays the foundation stone for the “I Business Park” towers project and announces the start of excavation.
ARQA Development Group held a press conference on Tuesday, March 16, at the company’s headquarters in New Cairo, to announce the start of excavation and construction work in its latest projects, “I Business Park” towers, in the presence of Mr. Ahmed Gamal, CEO of the company, Eng. Ahmed El-Zainy and Dr. Abdel Salam Ahmed, members of the Board of Directors. And Mr. Ahmed Zeyada, Marketing Director of the company.
During the field visit to the project, in which the foundation stone of the project was laid in an extensive media presence, Ahmed Gamal said that the “I Business Park” project is distinguished by its unique location, as it occupies the best location in the New Administrative Capital, which is the main square of the Downtown area, directly overlooking the Green River and Al Massa Hotel and sees the iconic tower, and this is what encourages customers to invest in it.
Jamal explained that the most elegant facades of her project were presented with unique features that can be implemented and delivered with the same specifications, and are not just images of facades that dazzle the eyes that are presented on social media platforms and channels of communication with customers to achieve large sales, but are not feasible in accordance with engineering specifications and applicable international codes. Therefore, most of ARQA’s clients in general, and detail-oriented engineers in particular, feel credible about the company and continue to invest with it.
The CEO indicated that the company chose the land at the end of 2019, before putting forward any project in the same area, especially the towers strip, and its choice was his responsibility, indicating his enthusiasm and the members of the board of directors very much for this area, although it was a risk at that time, because it is the first project and carries the company. Many responsibilities towards the region, but the choice was very successful.
He noted that a project was booked in August 2020, and contracts began during October of the same year, but the volume of sales exceeded one billion pounds during the first 5 months, stressing that the company did not face any obstacles.
In response to the project’s financing body, he confirmed that the company was not financed through any bank loans and that the financing is self-financing only through the company.
Concerning the method of payment, Jamal said that the main payment system is with a 10% contract provider with 7-year facilities, and there are other diverse and flexible systems, including facilities of up to 12 years.
Gamal continued his speech that the state supports real estate investment, and the state itself entered the field and became a strong competitor, which gave strength to investment inside Egypt through a group of new cities, and it gave great popularity to the real estate investment movement inside Egypt, declaring that the company is preparing to enter into a new project within the next 6 months.
Ahmed Gamal announced that the company does not prefer to enter into a project in an area in which many developers have invested, but always prefers to be proactive in new areas or cities, and other developers come after it, such as the “I Business Park” project because the first company has the largest return and leads pricing policies in the region. The company is now in the process of searching for a distinctive area for its new project, and most likely it will be in the Administrative Capital, or in any city affiliated with the Urban Communities Authority.
Ahmed Zeyada, ARQA’s Marketing Manager, said that the project’s units are distinguished from their competitors, in terms of precision engineering designs and a mix of commodity diversity, which were developed through our strategic partners, the engineering consultant office Hussein Sabbour and the Commercial Facilities Management Company “KAD” before the project was launched.
He stressed that selling in commercial units is a specific activity when operating, and the contract is signed with a stipulation of operating activity, and this step was decided in response to the recommendations of market studies and opinion polls that we periodically conduct on our clients and real estate market investors, which directed us to work in a manner that rises to the target level of the Administrative Capital City project, and fits Target customer segment, emphasizes the company’s name “Finest”.
Zeyada stressed that there is no selling policy with the “ basbousa cut” theory as he called it, which is to refute each role for a very large number of units in exchange for quick selling and collecting large returns because this harms the quality of the project when operating and the company’s customers lose confidence in it upon delivery.
Zeyada added that ARQA succeeded in setting an example for many developers through the towers project in the Administrative Capital, in many details, the most important of which is the announcement of the management and operation company of the project before the start of the offering.
Quoted from Iskan Misr: Written by Iman Hassan