Madinet Masr, one of Egypt’s leading real estate developers, has announced the signing of a co-development project in New Heliopolis City in partnership with Misr Al-Gadida for Housing and Development, represented by Dr. Eng. Sameh Al-Sayed, Managing Director and CEO, Invest-Gate reports.
The project covers an expansive area of 491 feddans and will feature a diverse range of residential units, including luxury apartments, standalone villas, townhouses, and commercial projects.
The partnership involves two land plots totaling 491 feddans, with the first plot spanning 245.1 feddans and the second plot covering 246.31 feddans. Over a period of 12 years, the project is expected to generate an estimated total revenue of EGP 194.67 bn, with Madinet Masr’s participation rate set at 63.5%.
Furthermore, Madinet Masr has already made the agreed contract payment of EGP 1.1 bn upon signing. This project aligns with Madinet Masr’s expansion strategy, aiming to enhance its land portfolio and strengthen its presence in East Cairo, a highly sought-after real estate destination in Egypt.
Commenting on the event, Eng. Abdallah Sallam, President and CEO of Madinet Masr, emphasized the company’s unwavering commitment to delivering high-quality real estate products that meet and exceed customers’ expectations. He stated, “Our strategic expansion into pioneering projects underscores our unwavering commitment to delivering high-quality real estate products that fulfill needs and exceed our customers’ expectations. We are dedicated to offering luxury residential units in modern communities across East Cairo.”
The project stands out due to its strategic location in the heart of New Heliopolis, providing direct access to Cairo-Ismailia Road to the north and Cairo-Suez Road to the south. It is bordered by Madinaty to the south, Shorouk City to the west, and New Badr City to the east.
This prime location offers convenient proximity to several vital areas, including being only 5 minutes away from Cairo-Ismailia Desert Road, Madinaty, and Shorouk City; 10 minutes from the New Administrative Capital; 15 minutes from Rehab City and New Cairo; 20 minutes from Heliopolis and Nasr City; and a mere 35 minutes from the Ring Road and Cairo International Airport.