Real estate developer Arqa Development Group (ADG) has started construction on the I-Business Park project in the New Administrative Capital (NAC).
Ahmed Gamal, the company’s CEO, said the company recorded EGP 1bn in sales in the first five months since the project’s launch in August 2020.
The I-Business Park project includes 2,200 units for offices, clinics, and shops, and features several payment plans that are suitable for different customer needs.
It includes payment plans of up to seven years, with a 10% down-payment, Gamal noted, with other payment plans available, including one that extends over a 12 year instalment period.
Gamal added that the project is self-financed, and that the company does not plan to borrow from banks for it.
“The state supports real estate investment, and has itself entered the field to become a strong competitor,” he said, “This encourages investment inside Egypt through a group of new cities, which gave great popularity to urban development inside Egypt.”
He revealed that his company intends to launch a new project within the coming six months.
For his part, Ahmed Ezzat Zeyada, Marketing Manager at ADG, said the company has contracted with Sabbour Consulting and KAD Commercial Property Management Limited to design and manage I-Business Park project.
Zeyada said that commercial unit sales will take place through specifying unit activity before contracting to meet recommendations of market studies and opinion polls that are periodically conducted on the company’s customers and investors.