Egypt's Marseilia Group moves forward with its real estate projects

Top official outlines new project details and next phases of ongoing projects in Egypt

  
Mobile Crane on a road and tower crane in construction site. Image used for illustrative purpose.

Mobile Crane on a road and tower crane in construction site. Image used for illustrative purpose.

Getty Images/ Chaiyaporn Baokaew

04 August 2019
Egypt's Marseilia Group is moving ahead with new projects in New Administrative Capital (NAC) and Sidi Abd El Rahman and is also planning to launch next phases of its ongoing projects this year, a top company official said.

Vice President for Commercial Sector Affairs Myssara Ashour told Thomson Reuters Projects that the developer has started work on the five billion Egyptian pounds ($302 million) 'Golden Yard' residential project in the New Administrative Capital (NAC) in a joint venture (JV) with an Egyptian government-owned company.

He said the JV, which is 64 percent owned by Marseilia Group and 36 percent by the government, is developing the project on land owned by a company under the Ministry of Public Business Sector.

He said the 42-acre project includes 1,754 residential units and other facilities, and is being developed in two phases over a three-year period.

Cairo-based El-Afifi Expertise House of Engineering Consultant designed the project, he added.

Ashour said the developer is planning to start work on the 40-acre 'Cascadia' resort in Sidi Abd El Rahman. He didn't disclose the project value or timelines but said the resort includes 200 chalets, a 250-key four-star hotel, and a world-class medical centre.

Commenting on ongoing projects, he said the group would deliver the 850-unit second phase of Marseilia Beach 4 in Sidi Abd El Rahman by April 2020.

He said the 140-acre project, comprising of villas and chalets, is being developed in three phases, adding that the 800-unit first phase has been delivered while the 400-unit third phase is scheduled for delivery in 2021.

African Consultant Office is the general consultant for the project, he disclosed.

Ashour said the company also intends to launch the second phase of the 70-acre 'Marseilia Alam ElRoum' resort in Marsa Matrouh in the third quarter.

He said the first and second phase comprises of 600 chalets in total, and the developer is considering a third phase but declined to disclose the actual number of units in each phase and project costs.

African Consultant Office designed the project, he added.

The company is targeting total sales of three billion pounds ($181 million) from all its projects by the end of 2019, and has signed contracts worth 300 million pounds ($18 million) to date this year, he concluded.

(1 US Dollar = 16.54 Egyptian Pounds)

(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