MARCH 2021 - REAL ESTATE PROJECT OF THE MONTH:
NEW ADMINISTRATIVE CAPITAL
The ambitious project, which has been under development for more than half a decade is almost the size of Singapore and is expected to stimulate the economy by offering thousands of jobs upon completion.
In 2015, Egypt announced it would be building the New Administrative Capital – while the official name is still a work a in progress – the new city is gaining significant traction among local and international investors.
The government-backed project, once complete, will be the administrative capital of the country and will house up to 7-million people, including the government, presidential palace, businesses, and a young professional population, and is expected to stimulate the economy by offering thousands of jobs.
Spanning 700 sq. km, making it almost as large as Singapore, the New Capital is expected to house Africa’s tallest tower and include substantial green space – twice the size of New York’s Central Park.
PROJECT DEVELOPERS
- Egyptian Government
- Egypt’s top real estate developers will have their commercial and residential projects in NAC
PROJECT ARCHITECT
- Archplan Architects & Planners, Cube Consultants (architectural consultancy), Land Consultants (architects, planning and project management), Ӧkoplan Engineering Consultations, and Yasser Mansour Concept Architects.
- Other architects include: Zaha Hadid Architects, SOM, Stefano Boeri Architetti
PROJECT LOCATION
- Cairo, Egypt.
PROJECT SIZE
- City centre: 5.6 km2 (2.2 sq mi)
- Urban area: 714 km2 (276 sq mi)
PROJECT COMPLETION DATE
- 2021/2022
PROJECT FEATURES
The project is expected to include unique features:
- The Iconic Tower, a skyscraper currently under construction, set to be Egypt and Africa’s largest skyscraper
- Al-Fattah Al-Aleem, a mega-mosque, the largest of its kind in Egypt
- The Capital Park, an urban park along the new capital, expected to be 35 kilometres (22 mi) long
WHAT GAP IN THE MARKET IS THIS PROJECT FULFILLING?
- With Cairo’s population expected to hit 40 million by 2050 and competition for housing and business continuing to be fierce, the government made the decision to create a new city in Cairo to offer solutions to the city’s rising population density.
Project images from www.dar.com
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