A leader in the construction and real estate industry, Dahab Development is a highly acclaimed developer in Egypt. After having an impeccable journey from 2007, the company is on the way to building another spectacle in the commercial space in the New Administrative Capital. During the third quarter of 2022, ITC Mall, a LE700 million project, will be operational.
The massive 9-story project commenced construction in November 2020. The mall spans 40,000 square meters that comprise 100 office units, 35 retail units, a conference room, spa, restaurants and cafes, a clubhouse, green spaces, and parking for more than 400 cars. The company expects more than $64 million in proceeds from the project. Apart from the diplomatic zone with embassies, the most prominent neighborhood is the Iconic Tower, the continent’s highest building. The company is in talks with JLL to take up the building management after the completion. The CEO revealed that they intend to construct a glorious residential project on a 50-acre land plot in the NAC.
The largescale new capital city project, the New Administrative Capital project in Egypt, will be home to more than 6.5 million citizens consisting of 20 neighborhoods. Ahmed al-Araby, deputy chairman of the New Administrative Capital Municipal Authority, said the project is affordable and convenient for people of all economic levels.
Deputy Minister of Housing for National Projects Khaled Abbas said that the Central Bank of Egypt proposes finance options for citizens who plan to invest in the properties in the New Capital with an interest rate as low as eight percent to be repaid in 20 years.
The deputy minister said that the projects in the New Administrative Capital are going to be lucrative by generating profits of 25-30 percent. He added that the New Urban Communities Authority benefited by more than LE30 billion in the last two years. With speeding urban development, the rates would probably double in the next ten years.
Despite the poor economy due to the pandemic, housing in Egypt is rebounding with big residential projects, ample amenities, and an array of attractions. The real estate industry is predicted to expand in the second quarter due to fundamental factors such as long-term and distinctive property investments.
According to Khaled El-Husseini, spokesperson for the Administrative Capital for Urban Development Company (ACUD), Egypt’s New Administrative Capital (NAC) is an integrated smart city that brings over 40% of sales in the real estate market.