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Egypt’s Menassat Developments is planning to launch two new projects in 2021 taking total number of projects being developed by the company to three, a top company official said.
Chairman Ahmed Amin Masoud told Zawya Projects that the company is preparing to launch its second project, a 500 million Egyptian pound ($35 million) commercial project in East Cairo, in August.
He said the project, spread over an area of 8,000 square meters, is designed by Egyptian architectural and engineering consultancy Ldp+Partners.
He said Menassat will announce its third project by the end of 2021 but declined to elaborate.
The company is also preparing to appoint the main contractor for its first project, the 2.5-billion-pound ($159 million) Podia Tower in the New Administrative Capital (NAC).
Masoud didn’t give a firm date but said the company will appoint the main contractor soon, adding that Sabbour Consulting will provide engineering consultancy and construction supervision services for the project.
Designed by Pinnacle Design, the 28-storey, 833-unit tower will be built on a 20,000 square metre plot in NAC’s Downtown area.
“The value of the land is 600 million pounds ($28 million), and the company has paid 10 percent of the value to the Administrative Capital for Urban Development with the remaining amount to be paid in instalments over four years,” said Masoud.
He said the tower, which will host shops, clinics and offices, is scheduled to be delivered in 2024.
He also added a percentage of the total units would be retained by the company in its recurring revenue portfolio.
The chairman said the company has budgeted 100 million pounds ($6 million) for construction works during 2021.
Meanwhile, the management has initiated steps to make Menassat Developments ‘public issue-ready’ for the future, disclosed Masoud.
He said the company has appointed Baker Tilly International to provide IPO advisory and financial review services but declined to elaborate on the timing and size of the proposed IPO.
(1 US Dollar = 15.70 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
© ZAWYA 2021
