IHD Developments launches Vivid Business Tower in New Capital

IHD Developments has launched its first project dubbed “Vivid Businesss Tower” in the New Administrative Capital (NAC). It is a commercial project located in the NAC’s Downtown area.

In a press conference on Thursday, IHD Developments Chairperson Hossam Al-Akshar said that the project’s general plan has been approved and licenses are being issued, adding that they are planning to begin construction in the coming days.

Al-Akshar noted that the project’s investments are estimated at EGP 600m. He disclosed that the company intends to direct EGP 100m to the tower’s construction in 2022 and are targeting EGP 300m in sales in the first quarter (1Q) of this year.

Regarding the company’s future plan, Al-Akshar confirmed that the company is studying new projects during the coming period, including a residential project in the NAC and a coastal project in Al-Galala City.

He expects the demand for the real estate market will increase in the current year.