MG Developments has announced the launch of two new projects in the New Administrative Capital (NAC), according to Chairperson Mohamed Metawee.
Metawee said the projects will receive initial investments estimated at EGP 1.55bn.
The first project is called ProMark, located in the government district and banks area of the NAC, and will receive investments of EGP 1.2bn. The second project is The Mark, located in the NAC’s Downtown area, which will receive investments of EGP 350m.
Metawee presented the group’s expansion plan in the local real estate sector. He noted that the expansion strategy that the company is targeting during the coming period will witness the launch of other projects in several different destinations. These include west and east Cairo, New Alamein, as well as the NAC.
He emphasised that the company has invested in administrative, commercial, tourism, and residential projects, and has delivered its Lavida compound and three phases of the BlueBlue Ain Sokhna project.
Metawee pointed out that the company’s philosophy is based on the good choice of destinations and distinguished sites to launch and implement its projects.
Aya El-Shenawy, Head of commercial sector at MG Developments, said that the ProMark project is being built on an area of 8,836 sqm. It features a built up area of 25,000 sqm, in addition to two garage floors of 10,000 sqm.
She emphasised that the company has already started the construction work on the project, which will have a completion rate of 30% before offering it for sale.
El-Shenawy added that The Mark project is comprised of commercial and administrative units besides serviced-apartments. The project is being built on 3,144 sqm, with a built up area of 1,000 sqm, divided into 11 storeys, in addition to a three-storey garage.
She added that MG Developments has hired the office of Design & Study of Construction (DSC International) as a general consultant for the projects.