Flair Magazine Offering a new line of thought to office and commercial real estate in Egypt, West Mark just made its debut in the Egyptian market. During a press conference held at the Four Seasons Nile Plaza, Real Mark Developments, an integrated real estate company, introduced the mixed-use complex with a built-up area of 27000 m2, spreading over 13700 m2 of land. West Mark is strategically situated within the upscale community of Jedar, Iwan Developments’ newest project in 6th of October City. The new complex basks in a prime location on a 10-meter elevation above the 26th of July Corridor. Seeing 750 million EGP in investments, the project is expected for delivery by 2020.
Established at the beginning of 2018, Real Mark Developments is undertaking an innovative approach towards the development of comprehensive solutions that are customer-centric and have the potential to create value. “In order to supply for the ever-growing demand of office and retail real estate, especially with investors taking an interest in purchasing income-producing commercial assets, the market is overflowing with options that still lack a sense of originality. As developers, we are encouraged to employ new-to-market techniques in our developments in order to translate our pioneering vision into a unique line of adaptable, cutting-edge residential and mixed-use developments,” said Mohamed Noweir, Chairman of Real Mark Developments.
West Mark stands as the product of a partnership between Real Mark Developments and Business Mark, a subsidiary vehicle from renowned Saudi company, Al Hussan Group. Business Mark signed a sale contract with Iwan Developments enabling Real Mark Developments to carry out the development, design, construction, marketing, sales, and property management of all commercial plots within Jedar.
“Premium quality, innovation, and functionality make up the foundation of this project. Apart from the unparalleled location, West Mark takes the lead in introducing the concept of double-height units for the first time to the Egyptian market,” said Mohamed Younis, CEO of ERA Commercial Egypt. He went on to emphasize that “the tenant mix of the project is well thought of in regards to the current market needs as well as the surrounding area; it is carefully chosen to complete rather than compete.” Split across 2 buildings, A and B, the complex provides fully finished office spaces ranging between 69 m2 and 121 m2 along with the double height units sized 800 m2 and more. It has a 10,000 m2 outdoor area, a total of 300 underground parking slots, easy access to a 3000 m2 Oscar Market, banks, pharmacies, an assortment of F&B options with sizes ranging between 150 m2 and 200 m2.
Throughout the past decade, developers have been incorporating retail and office facilities within residential projects in order to establish the ultimate destination, one that attracts investors and caters to a wide range of residents. According to JLL, the second quarter of 2018 has witnessed an increase in the office stock reaching 1,050,000 million m2 of gross leasable area, where around 142,000 m2 of retail space are projected to enter the market by the end of this year. West Cairo is expected to witness a potential pickup, in response to the increasing number of residential projects, as well as the anticipated opening of the Sphinx International Airport, which is set to have a major impact on the accessibility and business operations across the area.
