Diyar Al Assema for housing and project management is preparing to develop the second phase of the “Manzelak” project in the 10th of Ramadan City, with investments worth EGP 130m in March.
Abdel Khalek Karim, executive director of MTI for engineering consultations and project management, which is supervising the project, said that “Manzelak” is established on a total area of 56.5 acres, with investments worth EGP 450m. It will be developed within three years.
He explained that about 80% of the first phase was completed on an area of 14.5 acres. The phase includes residential and administrative services buildings with investments worth EGP 100m. The company has allocated an area of 19 acres for the second phase of the project, which includes completing the establishment of 12 residential buildings, and a mall on an area of 1,000 sqm, beside a sports and health centre to serve the project.
He added that Diyar Al Assema has assigned its operational works to Al-Aaly contracting company. Construction will begin in March and end in 2019.
He noted that his company has contracted with local investors in order to develop the Rich Resort tourist project in the North Coast in Marsa Matrouh governorate based on the partnership system. The project is established on an area of 70 acres with expected investments of EGP 600m.
The project is established in the area of Ras El-Hekma and includes hotel units, villas, twin-houses, and chalets of varied spaces. Consultancy studies are expected to be completed within two months.
Karim revealed that MTI has contracted with El Sondos real estate and tourist investment company in order to design two projects in the governorates of the Red Sea and Suez, with investments estimated at EGP 240m.
He pointed out that the first project is a tourist hotel on the area of 13,000 sqm with investments worth EGP 140m. The second project is a residential tourist area with investments worth EGP 100m, on an area of 17,000 sqm with complete utilities.
Karim said that the company aims to contract to supervise the establishment of 15 investment projects this year and is competing on more than 12 tenders to set up the engineering designs as well as supervise the execution of projects that belong to the Ministry of Petroleum and the Ministry of Health, in addition to governorates.
Karim noted that the company is close to completing a contract with an investor from the Gulf to design and supervise the establishment of a residential project in the area of Choueifat in New Cairo, with investments worth EGP 300m.
He said that the company has completed 70% of the consultancy works of a shopping mall project on an area of 5,500 sqm in Badr city for the benefit of Al Taher Investments and Trade, worth EGP 90m. Al Etihad contracting company is handling the implementation works of the project.