Egypt-based property developer Alassema Real Estate plans to launch a new healthcare project at the New Administrative Capital (NAC), dubbed Medical Capital City (MCC), with EGP 750 mn target sales, Invest-Gate reports.
Stretching over 3,500 square meters, MCC is an integrated medical city that will kick off for sale during the current month. The project is being exclusively marketed by Egypt’s Brickzey Property Management, Alassema’s Chairman Mostafa Mansour said during a press conference on February 5.
The project comprises a commercial floor and nine medical floors. It is set to include 186 medical units with sizes ranging between 48 and 96 square meters, encompassing a number of specialized medical centers, including radiology, diagnostic, physiotherapy, optics, dental, plastic surgery, microscopic injection, and obesity centers, in addition to a fully equipped one-day operation room, Mansour elaborated.
Alassema is intending to pump investments worth EGP 350 mn into the project throughout its implementation, including EGP 100 mn to be injected during the first year of the project’s construction, the chairman noted, pointing out that the developer is self-financing the project.
Meanwhile, Mansour revealed that the company is seeking to expand and increase its land portfolio in Egypt, as well as pumping investments of EGP 200 mn during the current year into its other 46-acre NAC project, The Central Park, which marks Alassema’s second residential project in the new city and is set to be an integrated urban development.
On his part, Chairman of Brickzey Property Management Ahmed Selim said the total sales expected from the MCC project are about EGP 750 mn. It is being marketed within three years over three phases, with prices starting at EGP 30,000 per square meter for a medical unit and EGP 80,000 per square meter for commercial property, with installment plans of up to seven years.
The property developer plans to fully finish construction of buildings and deliver them within approximately three years, Selim stated.
