New Event Developments unveils its third project, Qamari, at New Capital with EGP 10bn investment

Demonstrating immense confidence in Egyptian real estate market, and as part of its strategic plan to actively engage in this promising sector, New Event Developments has revealed its latest project, Qamari, situated in New Administrative Capital (NAC).

This venture boasts investments totaling EGP 10bn, marking a significant addition to the company’s portfolio. Qamari holds a prime location within the NAC’s R8 area.

Chairman of New Event Developments Hamid Al Rgwy, stated the NAC has become a pivotal investment hub for both local and foreign investors. He highlighted the significant development the city has witnessed in recent years, turning the dream into a tangible reality.

Al Rgwy underscored the company’s success in seizing a robust and distinctive investment opportunity, with plans to execute an innovative and unconventional project aligned with the uniqueness of the location.
He elaborated that Qamari spans across 25 acres, strategically situated in a prime location facing the Diplomatic Quarter amidst several main thoroughfares near the service hub in the R8 area, including clubs, schools, and universities.

The project encompasses a range of premium amenities aimed at delivering a residential development with comprehensive services and facilities ensuring residents a comfortable lifestyle. Qamari is designed with elements of comfort, luxury, and quality of life at its core.

He highlighted that the project features swimming pools, a commercial mall, green spaces, sports fields, a medical center, a social club, a gathering area, a BBQ area, and a sports walkway. The residential buildings comprise ground-level facilities and seven floors. The project is scheduled for completion within 4 years.

He emphasized that the project will meticulously integrate technological advancements into its every aspect, aiming to deliver a comfortable and luxurious lifestyle for customers while ensuring a distinctive quality of life. This approach aligns with global trends in real estate development, with a focus on incorporating smart management and operational standards to offer customers an effortless and streamlined living experience that remains abreast of global technological advancements.

He pointed out that the engineering design for the project was entrusted to the renowned YBA – Yasser Al Beltagy Architects, supplemented by the expertise of the Archrete office. These entities rank among the leading brands in the realm of engineering consulting, reflecting the company’s commitment to collaborating with reputable partners to ensure the project’s alignment with its esteemed reputation and accomplishments.

He stated that the project constructions will commence upon obtaining the necessary licenses, with plans to invest EGP 500m in constructions during the current year.

He noted that the company possesses two distinctive projects in the New Capital, where it has achieved significant progress in implementation. The company is making substantial investments to further elevate construction rates while simultaneously pursuing new projects. Demonstrating commitment to customers is a fundamental cornerstone of the company’s operations, enhancing customer confidence and credibility in the real estate market.

He further mentioned that the company possesses two projects in the NAC’s Downtown, with the first being H mall, a unique development situated in the heart of the New Capital overlooking Central Park. Spanning an area of 4,500 sqm, this 12-story building accommodates a mix of commercial and administrative activities, along with four floors dedicated to underground parking and warehouses with unit sizes range from 32 sqm to 2,000 sqm.

Regarding the second project, it is Traverse Business Complex, a commercial mall situated adjacent to New Capital’s Central Park in Downtown and a primary thoroughfare with a width of 70 sqm. Positioned opposite the pharmaceutical company, it spans an area of 4,500 sqm and comprises 13 floors housing a mix of administrative and commercial units.

He disclosed that the company relies on self-financing along with marketing revenues to execute its projects, with no current plans for bank borrowing.

He further explained that the company’s total investments in the real estate market currently surpass EGP 15bn, with projected investments expected to exceed EGP 25bn by year’s end.

He further explained that the company plans to direct huge investments into construction in its existing projects during the current year, in order to raise construction rates in its projects, commitment with its customers and enhance their confidence in it, explaining that the volume of achievements in the H mall has reached 40% of the volume of concrete works.

He added that the company has initiated excavation work for the Traverse Business Complex project, and progress will continue at the same pace as before to achieve the primary objective of satisfying the company’s customers.

The company has succeeded in selecting unique locations for its projects as part of its commitment to offering the best to its customers. This strategic approach ensures a high occupancy rate in commercial projects, consequently maximizing the return on investment for customers who invest in units within the project, according to Al Ragwy.

Chairman of YBA Eng. Yasser El-Beltagy stated that partnering with New Event company on its latest project builds upon the track record of his company’s achievements. It presents a fresh challenge to craft an unconventional and innovative design tailored to the unique location of the new project, thereby ensuring optimal utilization of its advantages.

He said that the intense competition in the New Capital drives all companies to innovate and deliver excellence to their customers. This translates to significant advancements in the real estate products available in the market, bolstering the Egyptian real estate sector’s ability to compete on a global scale.

He concluded that the Qamari project will feature a distinctive and innovative design aimed at achieving its goals of combining the best aesthetics with functionality.