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Rendering of Monark residential project in Mostakbal City
Egyptian developer Royal Developments has started construction for Monark residential project in Mostakbal City at an investment of 6 billion Egyptian pounds ($194 million), the company's CEO said.
Karim Shaalan told Zawya projects that the 40-acre project is located in Mostakbal City, East Cairo.
He said the four-phase project comprises of 1,200 apartments, and villas, and a 5-acre commercial mall, and would be delivered by 2027.
YBA is the main consultant of the project.
He said that they have sold 30 percent of the project to date that that has fetched EGP1.8 billion ($58 million) in sales revenues.
Shaalan said that they would pump EGP270 million ($8.7 million) into construction works within 2024.
(1 US Dollar = 30.90 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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