Royal Developments is set to deliver its Capital Prime Business Park in the New Administrative Capital (NAC) later this month, as revealed by Chairperson Sherif Shaalan. The company has successfully completed over 85% of the project’s construction, in line with recent government regulations that certify projects as finished when 85% complete.
Shaalan told Daily News Egypt that the entire operation of the project would ensue within nine months. The company has enlisted Makanak Real Estate to manage the Capital Prime administrative building and Prime Hospitality for the project’s branded residences. Additionally, Mediclinic Group will oversee the operation of the project clinics.
Capital Prime, occupying a 6,000 sqm area with an 11,000 sqm gross sale area, features a six-story building housing serviced apartments, serviced offices, and commercial and medical units. Raef Fahmy Architects have been appointed as the project consultants.
The company has recorded EGP 530m in sales from the Capital Prime project and it is set to retain part of commercial and administrative units for lease. These units aim to attract leading international brands to ensure a recurrent return and achieve project integration.
Shaalan highlighted that real estate remains a safe haven for investment.
On a related note, the company’s CEO Karim Shaalan announced the recent launch of the Monark project in Mostakbal City, east Cairo. The project’s first phase, which comprises 22% of the total plan, has already been offered.
The company is securing ministerial approval for the project, which comprises an integrated residential community of 1,200 units, including apartments, villas, townhouses, and sky villas. A medical, administrative, and commercial center over six acres will also be set up.
Envisioning a significant expansion in east Cairo, Mostakbal City is an appealing choice for investment due to its strategic location and ongoing infrastructural development.
Karim concluded by stating the company’s expectations to complete selling out the first phase of the Monark project by year-end, with a forecast of approximately EGP 6bn in total sales.
