PROJECTS: Egypt's Minka to commence residential project in Q3

$315 million project coming up in New Cairo

  
Image used for illustrative purpose. Construction machines and workers are seen in Egypt's new administrative capital, approximately 45 km (28 miles) north of Cairo, Egypt October 18, 2017.

Image used for illustrative purpose. Construction machines and workers are seen in Egypt's new administrative capital, approximately 45 km (28 miles) north of Cairo, Egypt October 18, 2017.

REUTERS/Amr Abdallah Dalsh

Egypt's Minka Development said the construction of its 5 billion Egyptian pounds ($315 million) Kinda residential project would commence in the third quarter of 2020 and will deliver the units by 2024.

The developer recently launched its latest residential and administrative project in Kinda compound in New Cairo. Arup is the designer of Kinda New Cairo.

Minka's CEO Abdallah Sallam said the residential compound will be spread over 27 acres in front of Kempinski Royal Maxim Hotel on the round road in New Cairo. The plot of land was bought from Madinet Nasr Housing and Development (MNHD ), a leading developer firm in Egypt.

The CEO said the company targets 6 billion pounds ($377 million) sales revenue from the 800 residential units and the administration part of the Kinda project.

In a press statement Sallam said that Minka Development is planning to invest 5 billion pounds ($315 million) in the next five years. "During our four short years of operation since 2016, Minka developed a number of successful projects in Egypt," he said.

Minka Development is fully owned by the Sallam family, which has been doing business in Egypt since 1939. The group is dealing in consumer electronic products and appliances and owns retailer BTECH.

(1 US Dollar = 15.90 Egyptian Pounds)

(Writing by Marwa Abo Almajd; Editing by Anoop Menon and Bhaskar Raj)

(anoop.menon@refinitiv.com)

#Egypt #Construction

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