New Plan Developments announced details of its contract with Tonino Lamborghini in an exclusive 10-year partnership during a visit by Tonino Lamborghini officials to the company’s pavilion at Cityscape Exhibition, which runs from 22 to 25 September.
Chairman of New Plan Developments Walid Khalil said that cooperation with Tonino Lamborghini, as one of the international companies present in the Egyptian real estate market for the first time, is one of signs of excellence that the company enters into its projects.
Khalil added that this contract is an exclusive partnership with New Plan Developments for a period of 10 years, as this is the first partnership for Tonino Lamborghini in Egyptian real estate market and the fourth globally because the latter chooses markets and companies that cooperates with very carefully.
He pointed out that 6 acres have been allocated within Atika compound in the New Administrative Capital that includes six buildings which Tonino Lamborghini works on furnishing, finishing and management of their units according to its brand, provided that it undertakes the management of these serviced apartments.
He noted that the total investments of this phase amounts to EGP1.2bn, added that two buildings were sold out with a total sales worth EGP 300m.
“Construction works of the project reached 30%. Atika project is planned to be delivered in 2023. This project is the first of its kind in Egypt and in the New Capital under the administration of a global brand like Tonino Lamborghini,” Khalil disclosed. “The partnership with Tonino Lamborghini is one of the company’s hubs for marketing its projects globally, so the project units that are ready for sale were placed on the Lamborghini’s website. Accordingly, the company has already had clients from Japan and America who have purchased units in the project.”
He further said that the partnership might extend to other projects developed by New Plan Developments. The hotel management is currently being studied for new units in ÉCLAT project in Port Said Governorate, which is being developed in partnership with Port Said Governorate.
New Plan is studying the development of a new project in the North Coast and aims to cooperate with Tonino Lamborghini in the project, he disclosed.
For his part, President of Tonino Lamborghini Gianni Overi said that his company chose the New Administrative Capital as one of the promising projects that is characterized by a future vision for the implementation of a smart and sustainable city.
Overi added, “New Plan was chosen to cooperate with in Egypt as one of the companies whose style of real estate development fits with Tonino Lamborghini’s development strategy.”
He explained that Tonino Lamborghini carries out the furnishing and finishing works for units with materials that it manufactures in its factories in Italy, and provides a 10-year guarantee on the units. In addition to, manages maintenance work for the units, and within two months the units will be finished to be a model for the units after finishing so that customer can see his unit and its final shape.
New Plan has a distinct and different approach to development, and it is planned that cooperation between the two entities will provide a real estate product capable of global competition, he elaborated, pointed out that the Egyptian real estate market is distinguished by its ability to face challenges, as it was the only market that kept growing and operating despite the COVID-19 crisis.
The political, security and economic stability that Egypt enjoys provides an attractive investment climate for any foreign company, and makes Egypt a destination for investments from all countries of the world, in addition to the existence of economic growth rates despite the continuing existence of the COVID-19 crisis that the whole world suffers from, Overi concluded.
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