Egypt's MBG Development sells 75% of NAC’s Pukka project

The company aims to deliver the first phase of the project in 2022

  
Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

REUTERS/Amr Abdallah Dalsh - RC1169D2CE00

MBG Development has sold over 75% of the units at its New Administrative Capital (NAC) development project, entitled Pukka, according to Chairperson Mahmoud Al Adl.

He added that his company aims to complete sales of the remaining units in the development by the end of the current year, including those available units in the commercial part.

The Pukka development project, which is anticipated to bring in total sales of EGP 4bn, consists of about 1,680 housing units covering approximately 40 feddans. The company aims to deliver the first phase of the project in 2022.

“MBG has managed to sell 50% of the commercial part of the Pukka project, dubbed Pukka Capital Walk Mall,” Al Adl said. “Expected sales of the Pukka project are worth EGP 4bn, including EGP 800m from commercial, medical, and administrative three-storey buildings, with a construction area exceeding 18,000 sqm.”

Al Adl said that, at the beginning of the year, sales witnessed a significant improvement, with the company achieving an estimated EGP 150m in the first quarter (Q1) of 2020. However, sales divs have seen a decline with the coronavirus (COVID-19) outbreak.

Al Adl announced that the company has paid the third instalment on land worth a total value of EGP 130m to the Administrative Capital for Urban Development Company (ACUD).

He noted that the company’s marketing plan has shrunk as the global spread of the coronavirus has affected property markets. This has been a contributing factor to the company’s lack of participation in external exhibitions.

Al Adl noted that the NAC provides safe investment opportunities due to the continuous price increases. He stressed that the current period is an ideal time for investing in real estate rather than other economic sectors, especially as the ongoing pandemic has affected global economies.

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