(New fourth paragraph added on the number of units and original delivery deadline)

Egypt's The Marq Communities will invest 5 billion Egyptian pounds ($318 million) in its ongoing and new projects in 2022, the companys CEO said.

Amr Badr told Zawya Projects that The Marq New Cairo project is 40 percent complete.

He said: “The project is the residential component of iCity New Cairo and is being developed at an investment of 650 million pounds ($41 million), and will be completed in 2023."

The company had said in a related press statement that the project, which comprises 300 fully-finished villas, was launch in the last quarter of 2019 during the onset of the pandemic  and was scheduled to be fully delivered in 2023. 

This project includes 300 fully-finished villas, and the project achieved sales volume of two billion pounds in just ten months from the date of the project's launch in the last quarter of 2019 - During the epidemic hard time - and is supposed to be fully delivered in 2023.

Mustafa Al-Assal, Head of Engineering and a member of the company’s board of directors said PMP is the project consultant while The Good Shepherd Company is the main contractor for The Marq New Cairo.

Badr said the company will launch two new residential projects in West Cairo in 2022 but declined to elaborate.

He added that construction work is underway at The Water Marq New Cairo project.

In August 2021, Zawya Projects had reported that the project would be delivered by the fourth quarter of 2023.

(1 US Dollar = 15.74 Egyptian Pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)


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