New Event Developments recently announced its latest project, Qamari, located in the R8 area of the New Administrative Capital (NAC). This ambitious venture represents a substantial investment of EGP 10bn.
Hamid Al Rgwy, Chairperson of New Event Developments, emphasized that the NAC has emerged as a crucial investment hub, attracting both local and foreign investors. Over the past few years, the city has witnessed remarkable development, transforming aspirations into concrete reality.
Project highlights:
- Size: Qamari covers an expansive 25 feddan.
- Facilities: The project features swimming pools, a commercial mall, green spaces, sports fields, a medical centre, a social club, a gathering area, a BBQ zone, and a sports walkway.
- Residential Buildings: These structures consist of ground-level amenities and seven floors.
- Timeline: The project is slated for completion within four years.
The engineering design for Qamari was entrusted to the renowned YBA – Yasser Al Beltagy Architects, with additional expertise provided by the Archrete office.
Construction will commence once all necessary licenses are obtained, with plans to invest EGP 500m in construction during the current year.
Other NAC projects by New Event Developments:
- H Mall: Located in NAC’s Downtown, H Mall spans 4,500 square meters and comprises a 12-story building. It accommodates a mix of commercial and administrative activities, along with four floors dedicated to underground parking and warehouses (unit sizes range from 32 sqm to 2,000 sqm).
- Traverse Business Complex: Another NAC project, the Traverse Business Complex, is a commercial mall spanning 4,500 square meters. It boasts 13 floors housing a blend of administrative and commercial units.
New Event Developments relies on self-financing and marketing revenues to execute its projects, with no current plans for bank borrowing. Their total investments in the real estate market currently exceed EGP 15bn, and projected investments are expected to surpass EGP 25bn by year’s end.
