SUD begins implementation of EGP 3bn Capital Heights 1 in New Administrative Capital
Company expects to market 1,000 units of Capital Heights 2 project this year, says marketing head
Safwa for Urban Development (SUD) has begun the construction works of Capital Heights 1 project in the New Administrative Capital over 50 feddans, according to Ahmed Nabil, head of marketing.
Nabil said that the project’s investments reached EGP 3bn and it includes 2,100 units.
Nabil revealed that his company has paid up 20% of the land value to the Administrative Capital for Urban Development (ACUD), which is the state-run owner of the capital.
Nabil pointed out that the company has acquired new land within the New Administrative Capital for the implementation of four commercial-administrative towers within the city’s banks zone.
He noted that these four towers will be launched and marketed during the second half of this year.
The company has launched its second project at the capital, Capital Heights2, which will be built on 250,000 sqm.
“The project is an integrated residential project with unit sizes ranging between 130 sqm and 270 sqm,” Nabil said. “The Capital Heights 2 contractual sales are expected to reach EGP 1bn within the current year.”
He added that the project’s investments reach EGP 3.5bn, expecting to market 1,000 units of the second project in the current year.
He highlighted the boom of the real estate market and high demand, which encourage investors to pump more investments and participate strongly in the implementation of the state development plan. Nabil said he expects market activity to continue during the current year and price increases of about 25%.
THE COMPANY HAS PAID UP 20% OF THE LAND VALUE TO THE ADMINISTRATIVE CAPITAL
FOR URBAN DEVELOPMENT
Four commercial-administrative towers to be implemented