Mazaya Developments announced the beginning of construction on three of its projects in the Downtown Area of the New Administrative Capital (NAC) as part of its plan to speed up construction rates.
Chairperson of Mazaya Developments Mohamed Allam said that the three projects have a total area of 7,800 sqm. The first being the Rook, which spans 2,800 sqm, and the second and third being the Gemini Red & Blue Towers, which span 2,500 sqm each, comprising administrative and commercial properties along with medical clinics.
He added that the towers include 300 units of various sizes and that the commercial units include cafes, restaurants, and various retail activities, in addition to a fast-food restaurant area, with spaces ranging from 30 to 120 sqm.
Moreover, the administrative parts of the towers include offices with different sizes suitable for all companies, with spaces ranging from 36 to 90 sqm, in addition to medical clinics with spaces range between 38 to 48 sqm.
Furthermore, he said that the towers will be built with investments of approximately EGP 1.2bn, adding that the Red Tower is planned to be delivered in June 2026 and the Blue Tower in December of the same year.
He also pointed out that the company has achieved 35% of the project’s sales, noting that “Mazaya Developments plans to invest EGP 600m in project construction and will rely on self-financing and marketing proceeds to develop the project.”
“The company’s total investments currently exceed EGP 2bn in its three projects. Additionally, the company aims to achieve EGP 1bn in sales by the end of 2022, which is the plan that is being implemented strongly.”
Additionally, he said that the company’s marketing and development plans have been amended to begin construction works on the company’s first project three months ahead of schedule, and the other two projects about nine months early.
For his part, CEO of Mazaya Developments Mohamed Mostafa stated that “Mazaya Developments initiated its business in the real estate market in 2017, and since its inception, the company has developed various housing projects in separate areas in New Cairo with a total of 33 separate projects, and a number of these projects are currently being delivered.”
“The company is primarily focusing on expanding in New Cairo and the NAC, in addition to new areas where there are feasible investment opportunities for the company, as it is currently studying the launch of its fourth project,” Mostafa concluded.
