Royal Developments is to begin, next month, construction work at the Capital Prime Business Park, located in the New Administrative Capital (NAC), according to Chairperson Sherif Shaalan.
Shaalan said that the company plans to direct investments up to EGP 140m into the project’s construction phase.
Spanning over 6,000 sqm and an 11,000 sqm gross sale area, Capital Prime is a mixed-use project comprised of a six-storey building of serviced-apartments, serviced offices, and commercial and medical units.
Shaalan noted that his company has contracted with Raef Fahmy Architects as the project consultant. He also disclosed that the project, which is positioned in the NAC’s MU23 area, will be delivered within three years.
He explained that the commercial part of the project includes 41 units of various areas starting from 39 sqm, and a medical part comprised of 36 units with areas starting from 22 sqm per unit. There is additionally an administrative part, with a total of 17 units with areas starting from 89 sqm per unit.
Shaalan added that the completion of the project’s concrete works is set to take about 12 months, and construction works for the entire project is set to take about 30 months. He stressed that the company is looking to deliver the project according to the specified schedule, whilst also taking all precautionary measures due to the novel coronavirus (COVID-19) pandemic.
He pointed out that adherence to the timetable of implementation is one of the most prominent challenges that real estate companies currently face, due to the COVID-19 crisis. However, companies that have a clear plan and strong financial solvency will adhere to their schedules.
Shaalan noted that real estate market has gradually begun to recover in the last two months. Further activity is expected during the coming period, coinciding with the gradual return to normality, and the resumption of activities and business.
He elaborated that the coronavirus crisis has confirmed the Egyptian real estate market’s ability to overcome any challenge with minimal losses.
