10 September 2019
Egypt's Memaar Al Morshedy is planning to develop a 900-acre mixed-use project on the Northern Coast, a company official told Thomson Reuters Projects.
Branch Manager Waleed Rezk told Thomson Reuters Projects last month that the project is scheduled to be launched in January 2020 and would be developed over a four-year period.
Rezk didn't elaborate on the project cost or construction timelines but said the company usually carries out the construction of its projects in-house.
He said the developer plans to deliver its 37-acre Lake Front residential project in October Gardens by mid-2020, noting that the project is being developed in partnership with the Administrative Control Authority (ACA), which owns the plot and would be entitled to 600 units of the total number of 1,302 residential units in the project.
The company achieved four billion Egyptian pounds in sales in 2018 from 17 projects, Rezk added.
(Reporting by Eman Hamed; Editing by Anoop Menon)
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