Al-Burouj Misr Developments Group has launched its Sixty Iconic Tower project in the New Administrative Capital’s (NAC) financial and business district, with investments of EGP1.7bn.
The launch comes as part of the company’s expansion plan that includes developing various projects in several areas, in line with the Egyptian government’s urban plan.
Mohamed Assy, Vice-Chairperson of Al-Borouj Misr, told Daily News Egypt that the project’s sales are set to record approximately EGP 3bn, adding that the Sixty Iconic Tower will be completed in three years.
Assy noted that the new project is a 40-storey tower situated on 13,000 sqm, with the built-up area accounting for 60% of the total project land size. The Sixty Iconic Tower project’s gross sales area exceeds 55,000 sqm.
He added that part of the project will be allocated for commercial activity by allocating the ground, first, and second floors for commercial units, whilst upper floors will be allocated to offices and serviced-apartments.
Moreover, the company intends to contract with a branded international hospitality operator to operate these units.
Assy explained that Al-Burouj Misr has contracted with UK consulting office, DSA Architects International, which has over 35 years of experience in designing towers and skyscrapers.
DSA Architects International will design the Sixty Iconic Tower, boosted by its long experience and specialisation in designing such towers. As part of this extensive experience, the company has designed more than 66 towers and skyscrapers around the world.
Besides this, it has seven offices around the world, including in the UAE, Portugal, Serbia, the UK, and South Africa.
Assy pointed out that Sixty Iconic Tower’s targeted sales were divided into two phases, with the first holding a value of EGP 1.5bn, and is planned to be achieved during the current year. The second phase set to take place in 2022.
“There was a great demand by customers in the past few days through down-payments, and it is expected that the project will be quickly sold out with the start of the project’s official launch,” Assy said, “Additionally, the company intends to begin construction works of the project within six months, and will be completed within three years.”
He explained that the company has allocated around EGP 300m to start the project’s construction work, and that value is expected to reach EGP 500m.
Regarding the company’s expansion plans, Assy said that Al-Burouj Misr is carrying out continuous studies of lands offered inside the NAC. As a result, the company found that the MU7 area still needs more projects, despite its unique location overlooking the largest iconic tower in Africa and the Middle East.
Besides this, the MU7 area is also close in proximity to Green River and the government district.
Assy said that the company is one of the ten companies that applied for acquiring a plot of land from the government offering in New Alamein.
He also revealed that the company is still waiting for the New Urban Communities Authority (NUCA) to announce the winning companies. In addition to this, other areas and developments will be announced during the coming period.
Assy stressed that Al-Burouj Misr has been working in Egypt’s real estate sector for an extended period, and has good cash flows that allow it to provide financial liquidity needed by its projects.
The company is close to entering into an alliance with a Gulf Cooperation Council (GCC) company, which will increase its financial solvency. The latter company will be a partner in the Sixty Iconic Tower project, as well as other projects in the industrial development sector, he disclosed.
Assy pointed out that the investment costs of the projects that are being currently developed by the company are worth nearly EGP 7bn.
Targeted sales exceed about EGP 13bn in all projects that Al-Borouj Misr is currently working on, either individually or through its affiliated company, Edge Holding.
Furthermore, Al-Borouj Misr has placed a high priority for customers who have reserved units, providing them with special offers, whether in the new project or Sixty Business Park and 3 Point Mall, he highlighted.
Assy noted that the financial and business district includes all utilities and services due to its proximity to the government district.
“We eye recording EGP 2bn in sales this year, including EGP 1.5bn from the Sixty Iconic Tower project, as there are remaining units in other projects, with sales worth about EGP 500m,” he noted, “The company focuses in its marketing campaigns on domestic and foreign customers, and has succeeded in recent years in attracting a large percentage of Egyptians expatriates, as their percentage reaches about 40% of the sales achieved in all the company’s projects.”
Additionally, Al-Burouj Misr is always seeking distinction in its projects within its plan to diversify investment portfolio. The main destination in which the company has achieved success is the NAC.
Assy added that, any area to which the government heads, the company will place it as its top priorities.
The company is developing its OIA project in R7, and the OIA Towers project in the NAC’s downtown in partnership with Edge Holding. This comes alongside the 3 Point Mall in the NAC, the Sixty Business Park, and the Sixty Iconic Tower, which are being developed by Al-Burouj Misr.
The company has recorded successes in the real estate investment field through distinguished projects, such as the Sixty Business Park in the financial district and the banking area near the government district, which will be opened soon.
This is in addition to the Sixty Corporate project, which will be offered for rent to investors working in the capital market, stock exchange companies, and companies operating in the banking sector, he concluded.
