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Company first private developer to build Y-shaped skyscraper in New Administrative Capital
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North31, area 18,000sqm, is a commercial, administrative, medical mall overlooking Down Town district in NAC
Nile Developments, an Egyptian real estate company, has posted EGP1.2bn ($76m) from its North 31 “Festival Towers”, its first project in the New Administrative Capital (NAC), within two months.
A company statement said the sales demonstrate the excellence of its products, as North 31 lies at the heart of Down Town in the New Administrative Capital on the Green River.
“Before investing into the NAC, the company was keen to carry out extensive studies so as to produce an upscale and unique product that fulfills the state’s concept and goal of creating skyscrapers matching those of Dubai, Manhattan and New York and attracting world-famous brands,” said Mohammed Taher, chairperson of New Developments.
Taher said that after thorough studies at the heart of NAC, the company selected a unique location on the Green River and started building a Y-shaped skyscraper and with a façade reflecting all its units.
He said the company is the first private developer to execute a skyscraper with this particular shape.
In view of it underlining quality, the company tapped top consultants and specialists in building skyscrapers, namely Orascom Group’s CFM, Ahmed Salama Property Consultant and Hany Saad Innovations Design Architecture HSI, he added.
North 31’s investments are set to reach EGP4bn ($255m) as up to EGP1.5bn ($95m) funding is expected to be funneled into its constructions.
Sales of EGP4.5bn ($287m) are targeted and delivery will start in the span of four years, he noted.
The North31, spanning an area of 18,000 sqm with a height of 131 m, and 36 floors (five underground floors), is a commercial, administrative and medical mall with a 100m façade overlooking Down Town district.
It also features floors, followed by stores, and hotel apartments, including 1000 units, besides entertainment services, open spaces, gymnasium, a meeting room in every floor, cafes providing beverages to all offices, and a panorama.