Egyptian property developer Mabany Edris has generated a whopping sales volume from its first flagship project in Upper Egypt’s New Assuit, despite being rolled out in parallel with the emergence of the novel Coronavirus pandemic, Invest-Gate report.
Mabany Edris commenced building works on the largest integrated urban community in New Assuit, or “Asayla,” four months ahead of the set date, reflecting the developer’s commitment to adhere to the project plan and eagerness to pump new investments into Upper Egypt, Mohamed Edris, the company’s CEO, highlighted in the press release on September 1.
Aiming to cater to the various needs of Upper Egypt’s clients, Mabany Edris has signed a strategic partnership with one of Assuit’s renowned contractors and Chairman of Egyptian American Company for Contracting and Real Estate Investment Maged Migar, the CEO uncovered.
Thanks to his 25-year experience of delivering various projects across Upper Egypt, Migar will add up to Mabany Edris’ expertise of catering to customer needs as well as determining the best marketing spots and investment grabs in Assuit, he continued, while revealing the developer’s plans to further expand into the southernmost part of the country with more developments, in cooperation with multiple strategic investors.
On his part, Migar highlighted that the investment of Mabany Edris in Upper Egypt will lure other industry-related investors to follow suit, thereby rushing to roll out high-quality real estate products, and thus, boosting the area’s urban development. As a result, and given the launch of an innovative project such as Asayla, unit prices in New Assuit are foreseen to shoot up in the near future.
Similarly, Mena Group Founder Fathallah Fawzy, who is also the real estate development consultant for Mabany Edris, said Upper Egypt is replete with plenty of promising opportunities that guarantee a remarkable return on investment. Besides, there is a huge, real demand for property in the area across all income levels, especially for residential, service, and entertainment units.
Positioned at the heart of Upper Egypt, and with investments worth EGP 1.25 bn, Asayla overlooks multiple landmarks in New Assiut, namely the Smart Village and Sphinx University. The 130,000-square-meter compound boasts diverse residential modules, varying between serviced apartments, townhouses, twin houses, and standalone villas, with spaces ranging from 200 to 350 square meters.