Al Naser Developments, one of the largest real estate development companies, begins handing over units of Golden Tower 1 mall, its first project in New Administrative Capital (NAC), in a new achievement for the company’s series of successes in Egyptian market.
The company succeeded in delivering the project units despite all challenges that Egyptian economy faced, which could have negatively affected the quality and progress of construction process. The most prominent of these challenges is COVID-19 crisis, which negatively affected all economic sectors in various countries of the world. In addition to, the liberalisation of exchange rates and the repercussions of global economic crisis on Egypt, which led to an unprecedented hikes in prices of building materials and an increase in construction costs.
CEO of Al Naser Developments Eng. Ahmed Naser said that the company achieved a great achievement that impressed customers, and succeeded in delivering the project units before the specified delivery dates, despite all challenges facing real estate market.
Naser added that the company was keen to accelerate the project construction rates at the highest level of quality and finishing,” pointing out that the company was able to overcome all the challenges facing the Egyptian economy and complete the project in accordance with the highest international standards and specifications, which meets all the ambitions and aspirations of customers.
He noted that the company began to deliver the project units before the official date contracted with customers in accordance with the highest quality standards and requirements of the Administrative Capital for Urban
Development company and with specifications higher than agreed upon.
He pointed out that the company maintained on delivering the units with unique and modern designs and finishes and using the latest technologies and building and construction supplies, which aroused admiration of customers.
Al Naser Developments always seeks to provide a more distinguished real estate product, and to respect all its agreements and obligations with customers, which will reflect positively on real estate development industry and support national economy, he disclosed, explained that Golden Tower 1 is a mixed-use project spanning over 3,000 sqm with a total investments of EGP 500m.
Golden Tower 1 achieved the highest investment return for customers at a rate of more than 100% in light of extreme price spikes. Additionally, the mall is located in the most liveable area at the New Capital, MU23, and it is considered the most occupied site, and it is a distinguished service area located between second residential neighborhood, R2, and the third residential neighborhood, R3, have already begun to be populated and have all facilities and services. Near the project there are 9 schools, 4 of which have been opened. The two neighbourhoods have already begun to be populated and have all the facilities and services besides to 9 schools near the project, 4 of which have been opened.
Naser Developments has a strong business history, whether inside or outside Egypt with more than 30 years of experience in construction sector, during which it has developed more than 100 projects in Gulf countries with a business volume exceeding EGP 50bn. Furthermore, the company has constructed major projects in the Kingdom of Saudi Arabia for international companies such as major pharmaceutical companies. Pfizer, major food companies, Mars and Almarai, and the largest oil companies such as Total.
