MAQAM MISR completes excavation works in 5 East Tower and prepares to launch a new project earlier 2024
MAQAM MISR Developments Company announced that it is about to complete excavation and levelling works in ” 5 EAST TOWER” project, as equivalent of 120,000 meters of levelling and excavation output were removed, as the company is preparing to start concrete constructions on a large scale in the project within two months, besides the company also announced its plan to launch a group of new projects during 2024 among its plan to diversify its investment portfolio.
Eng. El Saeed Shaaban MAQAM MISR Developments Chairman, said that the company has reached excavation works in the project to a depth of 14 meters, and the company has a strong construction plan for the project that will start implementing it earlier of the new year, showing that the project was submitted to the Building Research Center to obtain the necessary licenses, as the company works according to a time schedule, in order to fulfill its obligations to its clients.
He added that the project is commercial and administrative, located on an area of 3,585 square meters,
overlooks a main axis with a width of 75 metres, within a view overlooking an open garden with an area of 28,000 meters, and the ground floor includes commercial units and a food court, and the first and second floors include food court area, and units are also allocated from the third to eighth floors as administrative units, and from the ninth to twelfth floors as ELITE administrative units offered for the first time in the New Administrative Capital.
He pointed that the company managed in marketing 75% of the project, as it decided not to market the project as a whole, among its precautionary plan to face the possibility of raising implementation costs, as this percentage was marketed on stages since starting to launch it.
He assured that the company has an inventory representing 25% of the project to fill any gap between the high cost of implementation and the selling price of the sold units.
He assured the importance of having market studies before starting the project and clear flexible plans in state of the presence of challenges during implementation, which enables the company to implement
a successful project on the targeted dates, besides the company had expectations of rising prices according to the studies it had developed, which let it market the project gradually.
He referred to the importance of experience in facing market challenges and accessing mechanisms that enable the company to implement its current projects and develop future expansion plans.
Eng. El Saeed Shaaban, MAQAM MISR Developments Chairman has extensive experience along his contribution in a number of real estate investment companies that have developed projects in the New Administrative Capital.
He revealed the company’s plan to launch a new project in earlier 2024, as part of an ambitious expansion plan based on seizing investment opportunities provided by the state among the comprehensive urban development it is witnessing, provided that the project will be an added value to the company’s projects, besides being exceptional and different in its location, activity and details.
