Egyptian real estate developer MBG Development has paid EGP 470m to the Administrative Capital for Urban Development company (ACUD), constituting three instalments, for the land value of the Pukka project in the New Administrative Capital (NAC).
The company has completed 50% of the construction on the compound, according to the project’s timetable.
Mahmoud Al-Adl, Chairperson of MBG Development, said that the company has paid 90% of the instalments on the land used by the Pukka project. He added that the company has committed to paying, despite market conditions due to the repercussions of the novel coronavirus (COVID-19) pandemic.
Al-Adl noted that the company aims to pay the last instalment on time, according to the contract with the ACUD.
This reflects the strength of the company’s financial solvency and its expansion strategy in the real estate market, especially in the NAC, in which MBG Developments plans to direct new investments in the current year.
He revealed that the company intends to deliver the first phase of Pukka next year, while the remaining phases will also be delivered successively. He pointed out that the company has completed selling 85% of the project’s units.
“MBG Development aims to increase its current investments to reach EGP 9bn in the current year, and direct EGP 2bn in new investments through two new projects that will be debuted in the NAC in the second half (H2) of 2021,” Al Adl said.
Spanning over 41 feddans, Pukka is comprised of 42 buildings on a built up area that does not exceed 22% of the total project area, while the rest of the area is allocated to green spaces and landscaping. The project is comprised of a 20,000-sqm commercial area and embraces the largest and most famous international brands.
Furthermore, the company is developing the first integrated medical centre, named River Green, in the NAC. The company recently launched the centre with investments worth EGP 1bn in the MU23 area between the R2 and R3 districts of the NAC, directly on Al Aml Axis.
MBG Development is one of the largest real estate development companies in the Delta region, boasting a portfolio that includes medical, residential, and educational projects. This includes: a housing project in Mansoura in Daqahleya Governorate; the Sunset project in Ras El Bar in Damietta Governorate; the International Medical Center in Mansoura; the Elite Medical Tower and El Ola City project in Mansoura; as well as the Gehaan Medical Center in Mansoura.
