ERD debuts Diamond 2 project in New Capital

Daily News Egypt
4 Min Read

Emaar Rizk Real Estate Development (ERD) is set to launch Diamond 2, its second tower at the New Administrative Capital (NAC), in June, with EGP 1bn in targeted sales.

ERD Chairperson Mohamed Rizk says the project is a commercial, administrative, medical, and hotel tower, located on an area of ​​4,700 sqm. It includes a ground floor and 15 storeys, and is comprised of a total of 550 units with areas starting from 23 sqm.

Rizk added that the project is located in the NAC’s downtown area, overlooking the largest street connecting the eastern and western entrances parallel to the Bin Zayed North Axis, and next to the central park and monorail station.

He explained that the project is divided into: commercial units from the ground floor to the third storey; medical units from the fourth to the sixth storeys; administrative units from the seventh to the tenth storeys; and a hotel from the 11th to 14th storeys, with the last floor set to be allocated as a Sky roof.

“The company has obtained the licences and has started the construction work on the project before marketing it, which enhances customers’ confidence in the company and its commitment to implementation and delivery to the highest quality standards,” Rizk said.

He also noted that ERD has plans to deliver the project within two and a half years, with excellent payment terms of up to 10 years.

The company is also, for the first time, presenting an offer for customers to benefit from a cash discount system, where customers will obtain the benefits of an immediate cash payment which repays within three years.

ERD is in the process of launching two projects in the NAC’s downtown area under the Diamond Towers name, with investments reaching more than EGP 4bn. It consists of two towers, Diamond 1 and Diamond 2, covering a total area of 21,000 sqm, and is dedicated to commercial and administrative activities.

Furthermore, the company achieved sales of more than 75% in the first tower, Diamond 1, in record time. Part of this project was marketed to clients outside Egypt, Rizk added.

He noted that IDEA Marketing Consultancy is undertaking the marketing, sale, financial management, and operation of Diamond 1 and Diamond 2, according to a new marketing strategy.

Ahmed Sami, Chairperson of the Board at IDEA Marketing Consulting, said that his company provides integrated services to real estate developers. These start from selecting the project plot, determining the nature of the units that suit the target customer, providing marketing and sales services for the project, and managing and operating it in cooperation with the developer.

Sami added that the company has achieved contractual sales by more than 75% at Diamond 1 in record time. Among its tasks is marketing ERD’s second project according to innovative marketing mechanisms, based on digital marketing and communicating with target clients in various real estate exhibitions.

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