By Eman Hamed
IHD Developments eyes to sell 75% of the “VIVID BUSINESSS TOWER” with a total of 160 units, in the New Administrative Capital 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, and the project witnessed a turnout from customers to purchase, due to the project’s strategic and vital location, with the most important and first entrance to the Downtown area, overlooking the largest squares and the first in the city center in the new administrative capital, noting that The general plan of the project has been approved, and drilling licenses are being extracted and construction will start within the next month.
Al Akshar added that there is great confidence by developers and investors in promising investment opportunities in the Egyptian market, especially in the new administrative capital in light of the state’s plans to bring about an urban boom at the level of the Republic, whether in the governorates, or new cities and fourth-generation cities, pointing out that the entry of the private sector as a partner in this The Renaissance contributes to accelerating the pace of work and achieving comprehensive development on the ground in record time.
The Chairman of the Board of Directors of “IHD” explained that 2022 is the year of the challenge, for projects to enter into force, with the Administrative Capital Company monitoring companies’ performance and implementation rates, stressing that survival is for the strongest, noting that companies that have technical and human cadres and great financial solvency, They can implement their projects without relying on the sale return, while small companies that do not have sufficient capital, will not be able to withstand, in light of the successive changes that occur in the real estate market, both with regard to high inflation rates and the consequent rise in raw materials prices, construction costs, or the issuance of regulatory decisions for the market to preserve the rights of customers, which leads to its stumbling and its exit from the market.
Al Akshar pointed out that the company has a strong business precedent, as it has implemented a large number of projects and villas in New Cairo, in Narges, South Academy, Lotus and Beit El Watan.
The company has founded since 2012 and its investments in the market amounted to EGP 2 billion pounds, and it seeks to implement an ambitious plan to transfer our expertise to the capital, stressing that “VIVID Business TOWER” will not be the only project in the capital, but they are studying new projects in the New Capital and the New Galala in the coming period.
The company’s commercial director, Hesham El-Foly, said that the project includes ground and 14-storey, with a total of 211 units, explaining that the units’ spaces start from 25 meters, and commercial from 30 meters to 100 meters.
El-Foly added that 75% of the units, totaling 160 units, were put up for sale during the first quarter of this year, noting that with the high demand from customers to buy, and with the sale of all units sold out, before the end of the first quarter, the rest of the units will not be offered, especially, with the company’s ownership Strong solvency, enabling it to build, without having to sell the entire project.
El-Foly explained that it is a common mistake, among a large number of companies, to put up their entire projects for sale, without starting construction, and therefore they sell at one time, and start implementation at another time, when prices differ, as a result of the successive rises in the prices of raw materials, construction costs, which leads to a reduction in profits, or exposure to loss.
Regarding unit prices, he revealed that the price of a commercial meter starts from 60 thousand pounds per meter, while the price per square meter for offices starts from 22 thousand pounds.
El-Foly indicated that the company has offered easy and flexible payment systems for customers, starting with 5% down payment, and installments up to 12 equal years, with more than 7 different and varied payment systems, to meet the needs and desires of customers, and the company intends to deliver and operate the project by 2025.
El-Foly added 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”.