The Investment Committee of the New Cairo Developers Association discusses the most important advantages and challenges in the Downtown area in the New Capital

The Investment and Evaluation Committee of the New Cairo and Administrative Capital Developers Association met at the association’s headquarters in the Fifth Settlement, yesterday, Monday, to discuss the most prominent advantages and challenges for developers, one year after the launch of the lands of the Downtown area in the New Administrative Capital.

Hisham Ibrahim, head of the Investment and Evaluation Committee of the New Cairo and Administrative Capital Developers Association, said that Egypt has become on the list of economic countries that attract investment, due to the measures taken by the government to attract investments and solve all investors’ problems, whether through a one-stop-shop mechanism, or offering lands of various types, whether from During participation or sale, especially in the new administrative capital, which witnessed a heavy turnout from developers.

He explained that the most important advantages of offering many lands in the Downtown area of ​​the New Administrative Capital are the diversity of the projects offered in the area, between residential tourism towers, multi-use buildings, and specialized administrative and commercial malls, which contributed to the turnout of customers from inside and outside Egypt.

He stressed that the cost of investment during the past year was one of the most important reasons for investing in the Downtown area, through the facilities of the Administrative Capital Company by offering lands with advances starting from 10% of the lands, which contributed to the entry of a large number of developers into that area.

The association discussed the most important challenges that developers will face during the coming period, starting from this year, which is the launch of new projects that offer different products from the previous ones due to the intense competition between developers, in addition to the implementation and construction work due to the high prices of raw materials and the compressed implementation schedules, as it is scheduled to deliver to customers starting from this year.

The establishment of additional controls and conditions by the Administrative Capital for the selection of developers and companies, and the increase of land advances with 20% advances, is one of the most important challenges that developers will face during the coming period, given the high advance of land reservations and the determination of the financial solvency of developers and the company’s precedent.

Hisham Ibrahim expected that these challenges can be faced, as the role of the real estate developer is to create a real estate product suitable for the various groups of Egyptian society, taking into account the provision of the appropriate price to suit the citizen's income, in addition to the fact that the developer implements his ideas to achieve and provide full services to the customer.

He also explained that the demand for projects will increase during the coming period as ministries and employees move to the New Administrative Capital, whether on commercial, administrative, medical or residential projects.