Master Group invested EGP 3.5bn in flagship ‘The City’ project, in the New Administrative Capital, according to Sales Manager Hossam Hamdy.
Hamdy told Daily News Egypt that the company has marketed 80% of ‘The City’ project, and that it began its construction in mid-October,
The company completed the project marketing by the end of October, the sales manager noted.
‘The City’ is a residential, commercial, administrative and medical project in the New Capital, in the R7 H2 region, located on 54 feddans. It includes gardens which compose about 70% of the land’s area, beside artificial lakes. Furthermore, the project consists of a city square incorporating various cafes, restaurants, children’s’ areas and a flickering fountain.
Hamdy indicated that Master Group obtained the ministerial approval for the project.
The enterprise includes 2,700 units with spaces starting from 140 sqm to 211 sqm and encompasses 8 villas, he elaborated.
Additionally, he remarked that the project combines a three-floor commercial mall on 2 acres.
Over and above, the company owns ‘The City Valley’ project on 63 acres, with 70% of the project area dedicated for villas, 25% for apartments, 5% for serviced apartments, as well as three palaces, with 1,500 sqm for a single palace, revealed Hamdy. Furthermore, ‘The City Valley’ project has a commercial section.
The endeavour’s investments are worth EGP 3.5bn, and that the company did not yet start marketing it officially, he disclosed.
“We plan to complete the marketing of ‘The City Valley ‘project by the end of the coming year, with targeted sales of EGP 5bn,” Hamdy concluded.