Babylon Urban Development has announced the commencement of construction work and laying the foundation stones for its projects ‘Senator’ and ‘Heritage’ in the Administrative District of the New Administrative Capital (NAC).
Babylon has contracted with a selected group of engineering consultants, including architectural consultant ZODIAC ADC, Design Master, and Diar for the projects’ management, and I-CON and Rowad Modern Engineering for concrete works.
Chairperson of Babylon Urban Development Hossam Farag said that Babylon is the only company to go to the work site and start construction in the NAC’s administrative district after obtaining architectural and construction drawings and the necessary licenses to start the site’s work.
Farag explained that the company was keen to pick the right location for its projects, adding that the investment costs of the two projects exceed EGP 500m.
He disclosed that the company is eyeing recording more than EGP 750m in sales on the two projects and that it intends to direct approximately EGP 250m of investments in the current year.
The NAC is a state project and is designed in a smart way that contributes to the expansion and real investment brought about by developers, he explained.
“An architectural plan was drawn up in which all previous faults and problems would disappear in all urban cities, and developers were strictly bound by this plan, which would make the NAC a real investment destination for local and foreign developers. This is why developers must support the state and keep pace with its investment to boost the sector and place it in the ranks of developed countries,” Farag said.
