Jadeer Group completed selling out the first phase of its Code New Capital project, which has targeted sales worth EGP 1.5bn, according to Marketing Director Saeed Al-Garf.
Al-Garf said that Code New Capital is the company’s first project in the New Administrative Capital’s (NAC) Downtown, explaining that it comprises commercial and administrative properties over 7,200 sqm, 30% of which is built-up area consisting of a ground floor, 12 storeys, and three basements.
He also noted that Code New Capital includes 360 offices and 73 shops, with the size of each floor being around 2,161 sqm, adding that the project consists of three separate buildings connected by bridges and a plaza with an area of 2,605 sqm.
Al-Graf further pointed out that the company has succeeded in marketing the first phase of the project and that the project will be developed over three phases.
Furthermore, he indicated that the company expects to completely sell out the project in FY2023, adding that it also plans to direct EGP 200m in investments to the project next year.
The marketing director also disclosed that the company plans to expand in Egypt’s real estate market by developing a series of commercial, administrative, and especially residential projects, given the company’s track record of delivering 60 housing projects in New Cairo.
He concluded by saying that the local real estate market is witnessing a new urban renaissance coupled with a new idea that changed the market map and created a new real estate product that meets the needs of various segments of society and is comparable and even superior to larger markets.
