PHOTO
Egyptian developer Madinet Nasr for Housing and Development announced on Sunday the signing of a Memorandum of Understanding (MoU) with CONSTEC Construction and Design to carry out construction works for The Arena Mall and Cavana projects located within the Sarai mixed-use development in New Cairo.
The contract value is worth more than half a billion Egyptian pounds ($16 million), MNHD said in a stock exchange statement.
The Arena Mall, a commercial project with a built-up area (BUA) of approximately 8,000 square metres, is expected to be delivered within 12 months from ground-breaking, while same for Cavana, a 215-villa residential project with BUA of approximately 5,500 sqm, is 20 months upon ground-breaking.
The master plan of Sarai was developed by international architecture firm Benoy.
(1 US Dollar = 30.48 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
