LUD records EGP 2.5bn in sales of The Rift Business Park in Mostakbal City
Lozan Urban Development Group (LUD) has achieved exceptional sales worth EGP 2.5bn of its pioneering project, The Rift Business Park, which is located in east Cairo area between the gates of Mostakbal City and New Administrative Capital.
The company’s Chairperson Adel Abdel Moneim expressed his happiness with this exceptional achievement that the company was able to achieve during the last period, which exceeded all expectations, after the project achieved record sales that exceeded the demand for offered units. This confirms customers’ confidence in the company’s project.
Abdel Moneim said that the LUD has succeeded in launching its pioneering project, The Rift, in partnership with El Rabwa Group in the second quarter of 2023. The first and second phases were launched throughout the year due to heavy demand for the project, which offers them multiple advantages compared to any other project, which presents a new concept for mixed-use projects in local market.
He noted that the target plan is to launch the project in five different sales and marketing phases, added that the company succeeded during the last period in completing 85% of the first and second phases.
He pointed out that his company plans to offer the third phase during the second half of 2024, coinciding with the beginning of excavation and construction work in the project to deliver the business park on schedule.
Additionally, the LUD aims to direct approximately EGP 1bn into construction during the current year to accelerate the pace of construction.
The Rift Business Park is the largest commercial, administrative, medical and entertainment project in New Cairo, with the first and largest plot in Mostakbal City and the first plot on the Mohammed bin Zayed axis and directly on the Middle Ring Road, on 70,000 sqm. The project is characterized by green spaces on an area of more than 50,000 sqm and the second largest artificial lake in the Arab world.
LUD was keen to choose the largest possible plot of land in order to ensure the integration of its latest exceptional commercial projects of its kind. The mall was divided into two parts; the first comprising about 27% of its area for shops, administrative offices as well as medical clinics, and the first building was divided to consist of a ground floor and three upper floors. Meanwhile, the second part encompasses 32% of it for commercial properties only on ground floor and two upper floors.
The Rift Mall is a continuation of the strategy of the LUD and El Rabwa Group to develop innovative projects that add a new character to Egypt’s real estate market and meet growing needs and demand for commercial and administrative projects in the region.
Abdel Moneim disclosed that the company has contracted with a coalition of companies that includes senior consultants, namely Eng. Mohamed Talaat, the engineering consultant for the project and KAD, the leader in field of operation and management of commercial projects. In addition to, JLL, a property consultancy company and Shaker Group, which is one of the largest electromechanical companies, besides, ETQAN Business Development with its great expertise in financial and marketing studies. Additionally, the company has contracted AZ Studio, one of the largest branding companies in Egypt, and Silver Screen, advertising company and the official advertising agent for the company.
