ERD Developments led by Chairperson Mohamed Rezk has announced the launch of the new Diamond Towers project at the New Administrative Capital (NAC), a large-scale project in Egypt that has been under construction since the year 2015.
Rezk said that with an investment of over US$ 25m, the project consists of two towers with a total of 1,000 units dedicated to commercial and administrative activities in the NAC’s Downtown area, spanning over an area of 21,000 square meters.
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The company plans to start the actual construction works on the project by next June. The ERD Developments chairperson explained that the company has a contracting arm that will take care of the project’s construction.
The project is expected to be delivered within a span of 24 months from the day the construction works start.
ERD Developments plan for the Diamond Towers project
According to Mohamed Rezk, the company plans to have the ground to third storeys of each of the towers allocated to commercial properties, the fourth to the sixth storeys allocated to medical properties, and the seventh to the tenth stories set aside for administrative properties. The eleventh to the fourteenth stories will be allocated to serviced-apartments.
Rezk also pointed out that the ERD Developments has received reservation forms estimated to be for over 50% of the units in the first tower.
Ahmed Samy, the Chairperson of IDEA Group Egypt, which provides marketing and media services and that handles all the marketing and consulting work for ERD Developments, said that the state’s interest in the NAC helped attract the world’s attention.
“The NAC is expected to attract various segments of customers, as well as presenting advantages in attracting major foreign investments, and the ERD plans to market the Diamond Towers project in a number of Gulf countries as a result,” said Samy.