PROJECTS: Egypt's Amer Group to deliver 2,500 units of Porto Said in 2021

$318mln project will be delivered by 2024

  

Egyptian developer Amer Group intends to deliver 2,500 units of Porto Said project, located in West Port Said governate, this year, a company official said.

Hosny Hany, CEO of group subsidiary Amer for Touristic Development, told Zawya projects that the 5-billion Egyptian pound ($318 million) development, comprising 4,450 units in 18 buildings, would be delivered by 2024.

He said they have invested 2.5 billion pounds ($159 million) in the project since 2019 when construction started, adding that 700 units have been delivered.

Hany said the next three years will see an additional 2.5 billion pounds invested in construction.

Porto Said also includes a 200-key 5 star hotel and 29,941-square metre sports club.

Hany also disclosed that the company has started construction of its 2.5 billion pounds ($159 million) Porto New El Minia in El Minia governate. The 2,500-unit residential development would be delivered in three phases with Phase 1's 500 units expected to be delivered by 2023.

(1 US Dollar = 15.72 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021