Egyptian developer Master Group has announced that it has completed 55% of its The City project in the New Administrative Capital, as per schedules agreed with the Administrative Capital for Urban Development (ACUD).
The project’s investments have reached EGP 7bn, according to Mohamed Lashin, Chairperson of Master Group.
Lashin said that the construction progress for the project is advancing well, with total buildout exceeding 80% for the first phase and around 55% across the entire 54-acre development, comprising 2,528 residential units, a medical centre, a mall, and a club.
He noted that the group’s strategy focuses on credibility, commitment to customers, and meeting their needs at current and future projects while sticking to the agreed timelines.
Additionally, Master has contracted the engineering consultant, Moharram Bakhoum, and landscaper Memaar for the project, which is being constructed following the highest standards.
The City project was designed by leading London firms for modern, luxury living with top safety features.
Master Group has sold 80% of the residential space, saying that the diverse units meet demand, with sizes ranging from 95 to 396 square meters. Recreational services distributed intelligently include play areas, yoga, pools, green spaces, and The City Mall.
Lashin added that Master Group is planning to deliver 700 units by June 2024 and that construction of the services area will begin by the end of 2024. The entire project is expected to be completed by the end of 2026.
He also disclosed that Master Group is planning new projects in West Cairo and the North Coast.
With the first phase nearly complete, Master Group will soon launch the Allegra medical commercial project during the Cityscape exhibition.
Master Group has contracted a top local medical project manager for the medical building, which is located in key locations in the New Administrative Capital axes.
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