IHD Developments intends to sell 75% of Vivid Business Tower, which hosts a total of 160 units in the New Administrative Capital (NAC) by Q1 of 2022.
Hossam Al-Askhar, the company’s Chairman, said that reservations have started on the project since the beginning of this January.
He added that the masterplan of the project has been approved and drilling licenses are being extracted and construction will start within the next month.
Furthermore, he said that there is great confidence by developers and investors in promising investment opportunities in the Egyptian market, especially in the NAC, in light of the state’s plans to bring about an urban boom at the level of the republic.
He explained that 2022 is the year of the challenge, for projects to enter into force, with the Administrative Capital for Urban Development company monitoring companies’ performance and implementation rates.
The company’s Commercial Director Hesham Al-Foly also said that the project includes a ground floor and 14-storeys, with a total of 211 units.
Al-Foly added that 75% of the units, totalling 160 units, were offered for sale during Q1 of this year.
He also noted that a group of the largest consulting companies in the market were contracted to complete the project, led by Elite for the management of administrative buildings, KAD for the management of commercial facilities, Ivc — the engineering consultant — and the business development consultant Itqan.