Egypt's CGD Development launches Glouvre Side NAC with $26.39mln investments

Egypt – CGD Development announced on Saturday the launch of its latest project in the New Administrative Capital (NAC) — Glouvre Side Business Tower — which boasts total investments worth EGP 500m.

In a press conference, Chairperson of CGD Development Khaled Al-Sallab said that the NAC is a smart fourth-generation city in which investment is an opportunity for every developer and has a strong demand by customers, which will increase in conjunction with the high construction rate, as well as the government’s move to it.

Al-Sallab also pointed out that the company is focusing on after-sales services to maintain the project’s investment value and maintain the highest quality in the project.

Meanwhile, Managing Director at CGD Development Ahmed Al-Ghrory stated that “the company has already begun construction on the Glouvre Side project before it was officially launched, which adds to the project’s competitive advantages.”

Al-Ghrory also pointed out that the project is located in the northern part of the Downtown area near the Government District and the new Presidential Palace and is minutes away from the Financial and Business District, the Green River, and the Regional Ring Road.

The project also features a modern architectural style that is inspired by the designs of international designer Zaha Hadid.

Furthermore, Vice Chairperson of the company Ahmed Samir stated that the project consists of a ground floor, 12 storeys, and four underground garage levels, one of which operates using hydraulics. Moreover, the project has several entrances for both administrative and commercial properties.

He added that engineering consultant Mohamed Talaat was contracted as a consultant for the project and MRB was contracted to be a consultant for its operation and management.

Moreover, CGD Development contracted with MRB before constructing the project so that they can follow up all project designs and service points to allow modification before construction works to avoid any future errors and review activities in commercial units in order to achieve integration between them, he disclosed.

Additionally, Al-Ghrory announced that the company’s expansion plans during the coming period target commercial and service projects in the NAC and New Cairo.

He also explained that the company owns a real estate portfolio that includes various lands in New Cairo, revealing that the company’s second project will be announced soon.

He added that CGD Development plans to develop commercial and mixed-use projects in New Cairo and the NAC in 2022 with investments amounting to EGP 700m.

© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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