New Capital updates: tower in Business Park to be delivered in November, 50% of Central Park to be open by June 30

CAIRO – 14 March 2021: Deputy Minister of Housing for National Projects Khaled Abbas stated Saturday that 50 percent of the New Capital's Central Park will be open for visitors on June 30, and that one of 20 towers located in the Business Park will be delivered in November.

The 20 towers are surrounding the Iconic Tower, which will be the tallest in Africa for its height is 385 meters. The building will consist of offices, residential units, and a hotel, which occupies the highest 30 floors. Construction works in the Iconic Tower will be over by June 30 for the installment of glass fronts to begin.

Abbas highlighted that the Central Bank of Egypt will offer financing to those who want to purchase units in the New Capital as they will be able to acquire loans with eight percent interest rate to be paid back over 20 years.

The official noted that 40,000 to 50,000 public employees will move to the New Capital in the first phase of the operation of the Governmental Neighborhood where work is paperless.

 Speaking of the Central Park, the deputy housing minister said that the price of ticket will be set in a way that covers maintenance costs noting that the size of the New Capital is double of that of New Cairo.

.

Abbas added that parks located on the banks of the artificial "Green River" will have 36 gates. The river has a length of 11 kilometers and a total area of 1,000 feddans (one feddan is equal to 4,200 square meters).

That area is divided into entertainment, educational, and cultural zones, and also includes an artificial lake spanning over 25 feddans surrounded by restaurants and an aqua park. There is also an open-air area dedicated to various types of ceremonies.

The deputy minister declared that the projects in the New Administrative Capital are expected to generate a profit of margin of 25-30 percent. Abbas said that the New Urban Communities Authority had achieved a surplus of LE30 billion over the past two years. He added that urban development rates were estimated to reach 14 percent in 10 years up from seven percent. However, the target has been reached recently.

Abbas said that the price of the square meter in the area where the New Capital is being built jumped from LE2,100-3,000 to LE22,000. He stated that 5,000 apartments and 200 villas have been sold, and that the residential neighborhood will have four schools. Also, the New Capital will house seven international universities.