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The project is scheduled to open in April 2025
Egypt - Chairperson of MG Developments Mohamed Motawea stated that the company aims for contract sales of EGP 3bn across its projects in the upcoming year. It has achieved EGP 1.2bn in sales during 2024.
Motawea added that the company plans to launch several new projects in Ain Sokhna and New Cairo, offering a mix of residential, commercial, administrative, and serviced units.
He revealed that MG plans to introduce two new projects in Ain Sokhna by the first quarter of 2025, highlighting the region’s strong demand from investors and customers, especially as it operates year-round.
He said that the first project is an integrated urban development, with the land acquired from a subsidiary of Nile Sun with total investments estimated at EGP 1.5bn.
He added that the company plans to announce and launch the project during the second quarter (Q2) of next year, with all project details to be disclosed once the necessary procedures are completed.
He also mentioned the second project, La Cabana, will feature a number of beach cabins. The project will cover an area of 42,600 sqm and will include cabins with hotel services directly overlooking the sea.
Motawea noted that the project is scheduled to be completed over a span of three years, with the first phase expected to be delivered within a year and a half.
He also highlighted that the company has partnered with a group of Saudi investors to establish a joint Egyptian-Saudi company, with projected investments of around EGP 24bn. This partnership aims to promote real estate exports through Egyptian-Saudi collaborations.
He further pointed out that the company’s first project in Egypt is located in the New Heliopolis area on 77.19 feddans of land acquired from New Heliopolis for Housing and Development, a subsidiary of the Ministry of Public Business Sector. The project is expected to achieve target sales of EGP 5.5bn.
The project is planned to feature integrated urban activities, including residential, commercial, and administrative units in various sizes. The company plans to launch the project in the near future and commence construction.
Additionally, Motawea explained that the Blue Blue Resort El Sokhna, a residential tourism development covering 120,000 sqm, is currently under development. The project will be delivered in six phases, with five phases already completed and delivered to clients.
He mentioned that the Savoy phase is currently being launched with total investments estimated at around EGP 1.5bn. The project is under construction, with plans for delivery in 2027, emphasized that the company places great importance on maintaining high execution rates for its ongoing projects.
Additionally, the company is currently developing Premium Business Center in New Cairo with total investments of EGP 600m, and the completion rate has exceeded 75%. The project is expected to be finished and delivered by the last quarter of 2025, the company’s chairperson has said.
Furthermore, he noted the ongoing development of The Mark Mall in the New Administrative Capital is a mixed-use project encompassing commercial, administrative, and medical spaces, with investments totaling EGP 750m with 40% completion rate. it is expected to be completed and delivered by the Q4 of 2026.
He disclosed that the company is currently working on a commercial and administrative project in New Cairo, HQ, located on Teseen Street. The construction has been completed, and the company has signed a contract with JLL for management, operation, and leasing. The project is scheduled to open in April 2025.
“The company aims to increase its real estate operations by launching several new projects in the coming period, with a focus on expanding into new markets, particularly the Gulf region, “Motawea concluded. “The total size of the company’s investments in real estate market amounts to EGP 35bn through various projects in different regions, in addition to plans for launching new developments in 2025.” |
