VOW Developments, a company specialised in administrative and commercial projects, plans to begin the construction works of SOLAS – Financial District project in the New Administrative Capital (NAC) by the second half of 2020 and it is planned to deliver the project in 2032, said Chairperson Amr Ashour.
Daily News Egypt sat down with Ashour to learn more about the company’s projects and expansion plan.
Tell us more details about SOLAS
SOLAS is placed in a strategic location in governmental district and banking areas of the NAC. The project is an admirative building set on a plot of land with 6,600-sqm and built up area of 34,000 sqm.
The ten-storey development consists of two basements with 248 parking plots and service areas; the ground floor with main entrances, a conference centre and prime office; and 7 floors are workplaces totaling 298 fully finished offices with areas ranging from 48 to 530 sqm. Moreover, the project encompasses multi-purpose meeting rooms and hosts several services such as the main break area and café, physical activity, and networking areas on the roof surrounded by a well-designed landscape.
The complex features green architecture, which will offer a flexible, comfortable, adaptable, and sustainable environment, namely maintained through a building management system. Maximum energy efficiency and spending cuts are guaranteed, particularly since solar panels will be installed on 50% of the roof’s built up area.
Since its launch, how many units have been sold out?
SOLAS had a soft launch in January and approximately 40% of the project’s first offering were been sold out. The smallest sold space was 39 sqm and the largest sold space in this offering was 430 sqm.
What is the value of targeted sales in 1Q 2020?
The company targets recording EGP 110m.
How many phases are planned during the current year?
We plan to launch two phases for sale this year, with expect sales of EGP 500m for 150 units.
What is the value of investments in 2020?
Approximately EGP 200m will be injected in construction works this year.
What are the total expected sales of the project?
Targeted sales are estimated at EGP 1.1bn.
When will Vow begin project’s construction works?
Our architect Distance Studio Consultants (DSC) is now working on the building licences and further discussions with project management companies are underway. The company expects to obtain licenses in March 2020, and then we will begin construction works in the second half of this year.
When will the project be completed?
It is scheduled to be completed by 2023.
Commercial and administrative projects often require a high population density in order to achieve profits and to ensure their operation. Do you have any concerns that the population of the capital is less than required?
We do not have any concerns regarding operating SOLAS because the first part will be operated in the NAC’s the governmental district where the entire project is located. Additionally, due to the transfer of ministries and government bodies, as well as the availability of transportation, a great movement will occur within that region to the administrative capital, where many national and international companies will transfer their headquarters to be close to ministerial areas and other governmental bodies.
Additionally, investment clients prefer to buy administrative and commercial units because they represent new and better investment opportunities, whether by renting or usually re-selling them at a large profit margin.
How much is the price per square metre in SOLAS project?
We have put a lot of effort into our feasibility and utilised the best talents to fulfill and offer a competitive product with a remarkable added value and ROI for our buyers. Fully finished offices from our first launch start from EGP 29,000 to EGP 38,000. We provide a flexible payment plan with 10% down-payment and installments over 7 years.
Do you plan to assign a facility management company to provide maintenance services for your developments?
Selecting the facility managing company is underway, as we are interested in choosing the best in maintenance and facility management to provide a specialised high-end service for SOLAS.
What is the company’s expansion plan?
Vow Developments is set to specialise in administrative and commercial properties, and we are studying the available investment opportunities in some areas, namely the NAC because we believe that it is a smart, sustainable mega development with solid infrastructure.
In your opinion, what are the most promising areas for investment?
New Alamein is expected to boom in developments and investments after the NAC’s completion, followed by the Sheikh Zayed region in west Cairo.
What are your marketing plans to brand your company?
We started with PR and digital marketing, followed by OOH and Radio. Now we plan to participate in real estate exhibitions and events later in the third quarter this year.
What are your expectations for price hikes in administrative and commercial properties?
I believe that the price spikes will reach 25% per annum.
