UC Developments has launched its first project in Egypt’s real estate market, with the debut of the Unitower 1 located in the New Administrative Capital (NAC).
Spanning over 11,000 sqm, Unitower 1 is an 11-storey mall comprised of approximately 350 serviced-apartments, offices, as well as commercial and medical units
The company’s CEO Sameh Awad said that Unitower 1 is the company’s first development in the real estate development sector. It is one of the projects that the company intends to launch during 2021 in the NAC and New Alamein City, which are expected to see a total investment estimated at EGP 5bn.
Awad said that construction work at the project will start in six months, with completion expected over a period of three years.
He also said that the prices of commercial units start from EGP 65,000 per sqm, with offices starting from EGP 18,000 per sqm. Medical units are set to start from EGP 27,000 per sqm, with a payment period of up to 14 years in equal instalments and a 10% down-payment with zero interest.
Awad said, “The Company will agree with major management companies to take over the responsibility of managing the mall, and preserve its investment value.”
“It will also maximise profits for investors through concluding an authorisation agreement from the client for the company to manage his unit and invest it with the highest investment return,” he added.
He projected that property prices will generally increase by about 10%-15%, as a result of the increase in prices of building materials. Awad also expects a price spike of roughly 20% on properties located in the NAC, particularly after the transfer of all government ministries and entities to the national project in the middle of this year. He noted that this is a natural result of the start of the capital’s operation.
