Watan Developments has announced the launch of its first project at the New Administrative Capital (NAC), called Orient Business Complex, with EGP 1bn in investments.
The Orient Business Complex is a mixed-use development featuring commercial, administrative, and medical components located in the Downtown district of the NAC.
The project is constructed on a total area of 2,319 sqm, and consists of two basement floors, a ground floor, and 10 floors including 300 units.
The ground, first and second floors have been allocated to commercial units, while the remaining floors will be divided between administrative and medical units. This is in addition to building a two-story garage in the basement floors for Orient tenants and visitors.
In a press conference on Monday, Watan CEO Sherif El-Hawary said that the company plans to deliver the project by 2024, making it a full-service business complex. It will gather under its roof the largest retail and F&B brand names, along with headquarters and offices for businesses and entrepreneurs, and state-of-the-art, specialised medical services.
Moreover, Watan will soon sign a major facility and project management companies to provide the best tenant-mix for Orient users.
The company has already contracted with ACE Moharram Bakhoum as the project’s construction consultant, along with Hafez Consultants as the architectural and engineering consultant of Orient Business Complex, El-Hawary added.
He revealed that Watan plans to invest around EGP 500m in construction works throughout 2021. This comes alongside the long term plans to launch a land portfolio at the NAC, to develop a series of projects with around EGP 5bn of investments by 2025.
“Launching Orient Business Complex is the first step in an ambitious plan to introduce a series of projects that we hope will contribute to fulfil the growing demand for the commercial, administrative and medical units in the market,” El-Hawary said, “This will enable us to add more value to our national economy by attracting more local and regional investments.”