MBG Developments is set to launch its third project in Egypt’s New Administrative Capital (NAC), called White 14, Chairperson Mahmoud El Adl has announced.
The move comes after the company achieved great successes in the domestic real estate market, and supports the state’s trend towards urban expansion in new fourth generation cities.
El Adl added that the company is launching its first project in the NAC’s Downtown area, set in a privileged location with a direct view over the Green River and the tourist towers area.
This project is near the Misr Mosque and Al-Massah Hotel, and will cater to commercial and administrative activity. With investments amounting to EGP 1bn, it consists of one ground floor and 14 storeys, and offers a variety of spaces that meet the needs of customers.
The company has completed paying 90% of the value of its land instalments, with El Adl adding that the company has committed to paying these. This is despite the real estate market conditions due to the repercussions of the novel coronavirus (COVID-19) pandemic, and its impact on all sectors.
El Adl revealed that the delivery of the first phase units in the Pukka project, also located in the NAC, will take place next year according to the project’s timetable.
This is provided that the rest of the project’s phases will be delivered successively, taking into account that the company has finished marketing 85% of the total units of the project.
El Adl added that the company aims to increase its current investments to EGP 9bn this year. This is in addition to EGP 2bn that will be pumped into new investments through two new projects that will be launched in the NAC in the second half (H2) of 2021.
“The Pukka project includes residential buildings built on an area of 41 feddans, and includes 42 buildings making up 22% of the area,” he said, “The rest of the area is green with landscaping, with the project also including a commercial area of 20,000 sqm, as well as the largest and most famous international brands.”
The company is also implementing Green River, the first medical centre directly on the Al-Amal axis, between the R2 and R3 residential neighbourhoods in the MU-23 area.
MBG Developments is one of the largest real estate development companies in the Delta region. Its portfolio includes medical, residential, and educational projects.
These include: a residential project in Mansoura, Daqahleya Governorate; the Sunset Project in Ras El Bar in Damietta Governorate; as well as the International Medical Center, Elite Medical Tower City, Gehan Medical Center, and El Ola City in Mansoura.