Written by: Mohamed Salah Zaki During the “Support and Development of the Egyptian Economy” conference held in March 2015, President Abdel-Fattah Al-Sisi announced the project of “Establishing the New Administrative Capital” for Egypt, to become a global capital and the focus of economic activity, and the complex of the governmental ministries to start work in 2020. The project is one of the most ambitious real estate development projects. The administrative capital area is equivalent to the size of the State of Singapore and is about four times the capital of Washington. The capital is built on the state-of-the-art world architectural style, as it is based in its general planning on the most recent advanced technology to become a smart capital for its inhabitants. The new administrative capital is located within the Greater Cairo region, which contributes to the expansion of the urban space and the replacement of all governmental ministries and embassies from the current capital from the overcrowding to the new administrative capital. As the project is implemented by Egyptian hands and provides more than a million and a half job opportunities. Also, the private sector companies have competitive contributions to create housing communities at all levels due to the high financial return. One of the first companies to receive the first auction in the capital was Better Home, the owner of MidTown projects in the new administrative capital. The city of the arts, culture, sports city, exhibition city, the Expo City and the surprise of the highest skyscraper in Africa, which is more than 400 meters high, have been planned. Due to the importance of the capital on the levels of economy and investment, the headquarters of the Central Bank of Egypt, the Egyptian Stock Exchange and the General Post Authority are being implemented in addition to the main centers of the 33 banks operating in Egypt. Rasha Al-Tuwaini, Mahmoud Al-Saadi and Osama Al-Menshawi Rasha Al-Tuwaini, General Manager of HUB Properties, one of the marketing partners of Better Home, said “The planning of the new administrative capital is a new dream seeing daylight within the stage of construction and development that Egypt is currently living in. It is decided to start implementing a civilised capital worthy of Egypt and its status, which will combine modernity and history and achieve a qualitative leap towards a more advanced and brilliant future”. One of the most important features of the capital is the establishment of a new administrative centre including places for the presidential palace, parliament, government and a diplomatic district, an international airport and the largest park in the world, so our company was keen to market Midtown projects for its reliability in dealing with Better Home. Mr. Osama Al-Menshawi, Head of Sales at Diarna Real Estate Company, said that one of the most important features of the new administrative capital is the establishment of urban areas on an area of 460 square kilometers, comprising 25 residential neighborhoods, 1.1 million housing units, 40,000 hotel rooms and about 10,000 kilometers of roads. The most important points that made us deal with the giant company Better Home is that it is the first company to enter the capital wishing to invest in it. “Better Home through Midtown projects is the first real estate developer to bid for a plot of land to build a state-of-the-art compound. From our dealings with the company's previous projects we have seen the company's commitment to its promises to customers,” he added. Mohamed Radwan, Ahmed Gamaleddin and Omar El-Dakakhani Mr. Ahmed Gamaleddin, Chairman of E.M.G International, Kuwait, one of the largest real estate marketing companies in Egypt, the Middle East and the Gulf countries, also pointed out that foreigners and Egyptians residing abroad are interested in Better Home projects (Midtown Villa - Midtown Solo - Midtown Condo ) and now opening the door for its fourth project, “Midtown Sky”. “It reflects that developers have a significant role in diversifying their product in the next stage”. Especially in the new administrative capital of what characterises the capital with its excellent planning. This is evident in the establishment of a technology and innovation zone under the name of the city of technology and knowledge, in addition to the interest the opening of international universities that started teaching already. The military college, as well as a centre for experiments and research will be transferred to the new capital, and a center for experiments and research. The city will rely on new and renewable energy. All service facilities and all forms of transport, such as the subway, and high-speed electric trains will be provided. And the new administrative capital is implemented in three phases; the first with an area of 40 thousand acres and the second phase 47 thousand acres and the last phase 97 thousand acres, “It is worth noting that every project announced by Better Home is popular with both investors and those who want to live better. There are still many projects that have not yet been announced yet by the company; Better Home is moving steadily and its policy is always at the forefront”. Mohamed Radwan, Chairman of the board of New Towers for Real Estate Investment, said that Better Home is now launching its fourth project in the new administrative capital, MidTown Sky, while large companies are considering how to acquire a piece of land in the capital. “The 122-acre MidTown Sky project is constructed in a unique location in the capital. It is worth noting that the new administrative capital is located 45 km from central Cairo, 80 km from Suez and 55 km from the Gulf of Suez. It is located near the Suez Canal Development Project, Cairo (Badr- El Shorouq- New Cairo). The area is connected to four main roads: Suez Road, Ain El Sokhna Road, Middle Ring Road, Regional Road, as well as the main roads”. On the implementation of the new administrative capital, Omar Abdel-Hamid El-Dakakhani, a member of the Board of Directors of Avenues Marketing Consultancy and Real Estate Marketing, stated that the capital has allocated an area of about 170 thousand feddans and its implementation is based on the partnership between the public and private sectors. He also pointed that the state has been implementing the basic administrative facilities such as water, electricity, gas, sewage, roads, bridges, etc. Here we had to talk to Mr. Mahmoud Al-Saadi, Chairman of iProperties for Marketing and Real Estate Consultancy, which has achieved the highest sales with Better Home Company since the first project in the capital was announced. He stated that for the first time, we notice the keen awareness among the Egyptians to invest in real estate and these investors are good at searching for the best. He confirmed that Better Home is a big and unique company that has a good reputation and credibility in keeping its promises and meeting its deadlines. “Better Home Company is also unique in choosing the best locations for its MidTown projects as it is the first company to start booking its fourth project, and the first company to be licensed and the first to have the trust of the capital due to the firm belief of Better Home and us in the New Administrative Capital as the project of the century”. This is the opinion of the most important real estate marketers in Egypt and all of them are confident in investing in the new administrative capital because they have noticed a new global thought in the planning of the capital such as the green hub, business district, knowledge city and the international airport and their trust in large and reputed companies from the real estate developers as Better Home company owner of MidTown Projects.
