Nile Real Estate Development Company is working to achieve sales worth 7.5 billion Egyptian pounds during the remaining period of the current year.
Engineer Mohamed Taha, CEO of Nile Development Company, has announced the company’s ambitious sales target of nearly 15 billion Egyptian pounds this year, with 50% of the goal already achieved. Taha highlighted the company’s focus on leveraging its New Administrative Capital and New Cairo projects to realize this target, with a planned investment of 2 billion Egyptian pounds in construction work for these projects. He emphasized the importance of adhering to project schedules, particularly for Nile City Business, which comprises four distinct towers.
Providing an update on the progress of Nile Real Estate Development’s various projects, Taha assured that construction investments of about 5 million Egyptian pounds are being made daily, evenly distributed between the New Administrative Capital projects “North 31” and “Nile Business City” and Al-Ahram Company’s projects in New Cairo.
Nile Development specializes in constructing towers and skyscrapers and holds two significant projects in the New Administrative Capital: “31North” and “Nile Business City.” “31North” covers 18,300 square meters and features a 36-story tower with a height of 131 meters, situated directly on the Green River. On the other hand, “Nile Business City” is positioned as the tallest vertical city in Africa, encompassing 296,000 square meters and boasting the most prominent façade on the Green River, measuring 200 meters. This project comprises four towers, each with 56 floors, and will host various amenities, including a commercial and entertainment mall, administrative offices, and hotel apartments.
The targeted sales for Nile Business City amount to 80 billion Egyptian pounds, with costs approximating 35 billion pounds. Taha noted the successful sale of units in the hotel tower and the fully integrated administrative tower, as well as the company’s decision to temporarily suspend sales of the latter in response to rising construction material prices. He also discussed the progress of the “North” project, which has seen 60% of its units sold in recent years.
Additionally, Taha mentioned the “Nile Boulevard” project on the Suez Desert Road, which will involve 18 billion pounds in investments, and the company’s future plans for an integrated tower in one of the Fourth Generation Cities on the Mediterranean coast.
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