Mercon Developments announces the launch of its new project in the New Administrative Capital “Pavo Tower” in the Central Business District (CBD), Invest-Gates reports.
“Pavo Tower” is an administrative commercial project that spans over 4,000 sqm and is 14 floors high. The floors from the first to the third are allocated for commercial units, and from the fourth to the fourteenth are allocated for administrative units.
Additionally, the project features areas starting from 25 m for commercial units and 30 m for administrative units. This is in addition to some services such as a social lounge, meeting rooms, conference rooms, central air conditioning, entertainment hall, fitness centers, places for people with special needs, and a rooftop.
During the press conference, Samer El Beik, chairman of the board of directors of Mercon Developments, explains that the company aims to expand the real estate market by launching a number of commercial and administrative projects to leave a distinctive imprint for this type of project.
On the other hand, Ahmed Embaby, vice chairman of the company’s board of directors, reveals the company’s plan for the next few years. He further states that the company intends to pump investments of EGP 5bn into the Egyptian market during the coming period by offering three projects (administrative – commercial) in the Fifth Settlement and NAC in cooperation with major consulting and engineering offices to ensure the splendor of design and quality of implementation.
Moreover, he points out that the first mall was launched during the first quarter of 2021, called “G7”, which spans over 6000 sqm, distinguished by its view of three main streets, on the Northern 90th Street.
For his part, Mohamed Amer, head of the commercial sector of Mercon Developments, comments that the “Pavo Tower ” is characterized by a panoramic view of the iconic tower, and is located minutes from the Regional Ring Road and next to the most prestigious neighborhoods of the NAC.
As for payment plans, Amer elaborates that the company offers a number of different installment systems of up to 10% down payment and payment periods of up to 15 years, indicating that the project will be delivered after four years.
Moreover, Amer discloses that the company offers competitive prices, compared to the number of services that the mall will provide and according to the price rates in the region, stressing that the CBD is now witnessing high competition between a large number of developers.
Additionally, he comments, “The new project is a surprise to the Egyptian market in terms of designs, services, and distinguished location”, adding that the company’s choice of CBD came after efficient feasibility studies.
