Design work underway for $604mln mixed-use project in Egypt

Project in Nasr City is a joint venture between Egypt's Marseilia Group and the UAE’s Amlak Finance

  
Image used for illustrative purpose. Architect rolls and plans.architectural plan,technical project drawing,Architecture planning of interiors design on paper,construction plan ,close up on constructions blueprints,architectural desk

Image used for illustrative purpose. Architect rolls and plans.architectural plan,technical project drawing,Architecture planning of interiors design on paper,construction plan ,close up on constructions blueprints,architectural desk

REUTERS

29 July 2019
Design work is underway for a 10 billion Egyptian pounds ($604 million) mixed-use project being developed by a joint venture between Egypt's Marseilia Group and the UAE's Amlak Finance, a top official of the Egyptian company said.

In January 2018, news portal Trade Arabia had reported that the two companies had signed an agreement for developing "a comprehensive urban project" on a plot owned by Amlak Finance in Nasr City.

Marseilia Group's Vice President for Commercial Sector Affairs Myssara Ashour told Thomson Reuters Projects that the project is in the design phase.

"The project is scheduled to be launched by the end of 2019. The construction work would be completed over a five-year period," he said.

He said the project, spread over an area of 42,000 square meters, would include residential buildings with 1,500 units, an office building and a hotel.

The developer is targeting to generate 50 percent of sales from overseas buyers, he added.

Ashour also disclosed that the company is in negotiations to set up a joint venture to develop a plot of land in the residential district of Egypt's New Administrative Capital but declined to elaborate.

Earlier this month, a Zawya report, quoting Amlak's statement to the Dubai Financial Market, said the home loans firm had made "significant progress" in obtaining approval from lenders for a restructuring of its debts with new agreement likely before the end of 2019.

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Our Standards: The Thomson Reuters Trust Principles

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.

For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal

© Thomson Reuters Projects News 2019