Upturn set to expand in New Cairo, enter Administrative Capital
Egypt’s real estate developer, Upturn Developments, is set to expand in New Cairo – especially services projects – and to the New Administrative Capital for its investment attractiveness to developers as well as to customers in the coming period, the Company’s Chairman El Sayed Mossad has said.
Mossad added that the company implemented many successful projects in New Cairo city, whether residential or service, and is planning to expand further in service and mixed-use projects during the coming period.
These projects, he also said, are commensurate with market needs, and in line with the state’s plan to transfer urban congestion outside the old capital and move to new cities.
He explained that the company has started implementing the “Centric” project in New Cairo last January and is set to be completed and delivered by end 2022.
“Located on an area of 4,180sq2 with a total investment of LE700 million, the commercial-cum-administrative project comprises a commercial ground floor and 6 upper floors with an administrative nature and various spaces. The commercial floor is dedicated to the services and activities that the administrative part need. The top floor is an open roof to recreational activities for those in the administrative offices,” Mossad also said.
He explained that the company has so far marketed 50% of the project, planning to end 90% of its marketing on six phases by next June.
“The last 10% will be marketed in a 7th phase upon the operation of the project,” he said.
He added that the company relies on Sigma Group, a private company established in 1999 with a previous experience of 10 years serving a wide industrial base, on managing the project, and on Sarajit for leasing it.