PROJECTS: MG Developments launches two commercial projects in the New Administrative Capital

Egyptian developer MG Developments is developing two commercial projects in the New Administrative Capital (NAC), the company Chairman said.

 

Mohamed Metawee told Zawya Projects that 1.2 billion Egyptian pound ($75.5 million) Promark building will have a built-up area of about 25,000 square metres (sqm) and includes 240 offices and stores. 

 

ECG Engineering Consultants Group is the main consultant for the seven-storey building.

 

The second project, The Mark, would be launched in the third quarter, Metawee said, adding that the 350-million-pound ($22 million) project would have a built-up area of 15,000 sqm incorporating 220 units for offices, stores, clinics, and a hotel apartment section.

 

Cairo-based DSC International is the main consultant for the 11-storey project.

 

Both projects would be completed in 2024, he said.

 

Metawee said future projects include residential and mixed-use developments in the NAC, and a 50-acre residential project in Alamein City. 

 

(1 US Dollar = 15.68 Egyptian Pounds)

 

(Reporting by Eman Hamed; Editing by Anoop Menon)

 

(anoop.menon@refinitiv.com)

 

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