Egypt's Marseilia Group to build a mixed-use project in Banha city

Joint venture project with UAE's Amlak Finance delayed due to COVID-19 crisis

  
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

Egyptian developer Marseilia group is building a mixed-use project in Banha city in Qalyubia governorate, a top company official said.

The company's Vice President for Commercial Sector Affairs Myssara Ashour told Zawya Projects that the 30,000-square metre development includes 700 residential units, a commercial mall and an office tower, and would be a joint venture with the company which owns the land.

He didn't disclose the project value or the land owner's name but said enabling works had started and construction would be completed in three years.

The development was scheduled for a sales launch in May, which has since been postponed due to COVID-19 crisis, Ashour said, adding that crisis has also delayed the planned launch in May of a JV mixed-use project in Nasr City with the UAE's Amlak Finance.

He said the project's designs are nearly complete.

He added that the company is studying a residential project in upper Egypt, and on the northern coast in the coming month but didn't elaborate.

Commenting on ongoing projects, Ashour said in Sidi Abd El Rahman, the company has started delivery of the second phase of Marseilia Beach 4 and would start work on its 'Cascadia' resort in July 2020.

In Marsa Matrouh, the company has launched the second phase of the 70-acre 'Marseilia Alam ElRoum' resort, scheduled for delivery in 2022, he concluded.

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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