MG Developments has reported the launch of two new projects in the New Administrative Captial (NAC), as per Chairperson Mohamed Metawee.
Metawee provided the projects will get initial investments calculated at EGP 1.55bn.
The first project is called ProMark, situated in the government district and banks area of the NAC, and will get investments of about EGP 1.2bn. The second project is The Mark, situated in the NAC’s Downtown area, which will get investments of EGP 350m.
Metawee showed the group’s expansion plan in the local real estate sector. He noted that the expansion strategy that the company is focusing on during the forthcoming period will saw the launch of the other projects in various destinations. These contain west and east Cairo, New Alamein, and also the NAC.
He emphasized that the organization has put resources into administrative, commercial, tourism, and residential projects, and has conveyed its Lavida compound and three periods of the BlueBlue Ain Sokhna project.
Metawee called attention to that the organization’s way of thinking depends on the great selection of objections and recognized destinations to dispatch and carry out its undertakings.
Aya El-Shenawy, Head of the commercial sector at MG Developments, said that the ProMark project is being based on a space of ??8,836 sqm. It includes a developed space of ??25,000 sqm, notwithstanding two carport floors of ??10,000 sqm.
She emphasized that the organization has effectively begun the development work on the project, which will have a fulfillment pace of 30% prior to offering it available to be purchased.
El-Shenawy added that The Mark project is contained business and regulatory units other than adjusted lofts. The task is being based on ??3,144 sqm, with a developed space of ??1,000 sqm, isolated into 11 stories, notwithstanding a three-story carport.
She added that MG Developments has hired the workplace of Design and Study of Construction (DSC International) as an overall expert for the projects.