Skyway Development launches EGP 700bn “Bayadega” in New Capital
Hosny ElSaidy: EGP 3bn new investments on its way to the real estate market through the next phase, Gulf investors involved in developing new projects
Skyway, real estate developer, plans to launch “Bayadega”, Downtown New Capital project in the towers area, with EGP 700mln anticipated investments. The company also targets Gulf investors for parting in developing other projects through the next phase.
The company acquired a plot in the Downtown New Capital to develop an administrative, commercial, medical project with international standards, as it’s enjoying the first hanging “FOOD COURT” in New Capital, fitting in with the real-estate market development trends, and the entry of new real estate products to be a sector’s addition, Hosny ElSaidy, Skyway CEO, said.
Skyway preferred to start with a project in New Capital to test the market’s appetite for new various real estate products, especially in “Downtown”, an area of ferocious rivalry among real estate developers. It sets an expansion plan that gets along with its market growth strategy, providing brand-new investments during the next stage, ElSaidy explained.
“Bayadega”, the Downtown New Capital project, will be established on 3600 sqm, 63 m height, housing different activities and services bolstering investments seekers from the target audience, and having 41 sqm starting areas. The company also provides up to 10 years payment systems, ElSaidy noted.
He pointed out that the company has completed the preparation of engineering designs and drawings for the "Bayadega", and the engineering consultant office, Mohamed Talaat, a consultant to the ministries project, the Islamic Cultural Center and the Grand Mosque in the New Administrative Capital, undertook the design work for the project.
The company plans to start the implementation work on the project during the second half of this year and has contracted with an Emirati contracting company specialized in the work of towers to benefit from its experience in this type of projects, the contractual details will be announced next month, he continued.
In the same context, the company has a vision of providing EGP 3bn investments in New Capital by the next stage, as a part of its expansion plan in this key area, which changed the Egyptian real estate market concept, attracting new assorted caps and partially boosting growth rates in this leading area, the CEO revealed.
The company aims to form new alliances with Gulf real estate companies during the coming period, to inject new investments and developing a package of various real estate projects, especially in the cities developed by the state, ElSaidy pointed out.
The Egyptian government has managed to pave the investment climate in terms of equipping the infrastructure, facilitating procedures and granting investment advantages, which contributed to attracting Gulf investors and companies to the Egyptian real estate market, he affirmed.
ElSaidy projects a 10-15% rise in realty prices this year, driven by demand’s volume based on real estate and the relative rise in some building materials.
