Nakheel Developments

Nakheel Developments signs strategic partnerships for managing “Double Two Tower ” at the New Capital

Company’s total investments in the New Administrative Capital worth EGP 4.5bn, says Sherif El-Domyati

TIME provides hotel management services for the project as one of the best projects in the New Capital, says Mohamed Awadalla

EFS plans to manage the project based on four main axes that maintain its investment value, says Hisham Saleh

Mimar Egypt Engineering Consultants  has succeeded in designing projects worth more than $3.5bn, says Mohammed Al Shurafa

Nakheel Developments announced its contract with a group of companies to manage and develop its “Double Two Tower” project in the New Administrative Capital, as part of the company's plan to cooperate with the strong entities in several disciplines to develop a flagship project as well as to maintain its quality and investment value

Head of commercial sector at Nakheel Developments Sherif El-Domyati said that the” Double Two Tower “is located on approximately 9,000 sqm and comprises administrative and commercial units besides, serviced apartments. The project’s commercial part is being constructed on an area of 45% of the total project size

El-Domyati added that the project investments are estimated at nearly EGP 3bn, noted that the company aims to sell out about 70% of the project in 2021, and it is planned to deliver the tower within three and a half years

In press conference held on Thursday, El-Domyati pointed out that the company is cooperating with the strongest and distinguished entities to develop an integrated project in the New Administrative Capital, namely Mimar Egypt Engineering Consultants , EFS Facilities Services and Time Hotels

He further said that Nakheel Developments is currently developing Trio V Tower project in the New Capital, which is a Medical, Administrative, and Commercial project

He elaborated that the company has provided distinctive elements for “Trio V Tower” project. ACE Moharram Bakhoum assumes the role of the engineering consultant for the project about 70% of the tower has been sold out since its launch in March 2021. The project is located on an area of 7,000 sqm, featuring 2,100 sqm of built-up area, equivalent to 30% of the project’s total area

Moreover, the project consists of a ground floor and 14 storeys, with the ground floor to the fourth storey allocated to Commercial units

The rest of the project varies between Administrative and Medical units

“The company intends to complete excavation work for the two projects and begin pouring concrete by next December. Over and above, Nakheel company pays land installments according to schedule agreed upon with the Administrative Capital for Urban Development (ACUD) company,” he explained. “The total current investments of the company amounted to approximately EGP 4.5bn, as it relies on self-financing with its strong financial solvency. Besides, the company has an expansion plan in real estate market in the coming period, then developing more diversified projects in new areas, including New Alamein, after completing all market studies”

Mohamed Awadalla CEO at TIME Hotels stated that the “Double Two Tower” project is the company's third project in the Egyptian market

Awadalla added that his company chooses its partners carefully, and wisely choose the projects which it puts brand; consequently, Nakheel Developments was chosen to manage one of these projects as one of the best projects in the New Capital

He further noted, “Time Hotels was established in the UAE since 2012 and manages five prestigious brands, each of which offers a range of outstanding services that meet different needs of our value guests. These brands are Time Hotels and Resorts, Time Express, Time Hotel Apartments, Time Residence and Time Motels”