Egypt-based Mardev Developments has started work on its residential project in the R8 District at the New Administrative Capital (NAC), with a total investment cost of EGP 1.5 bn, Invest-Gate reports.

“The 17.64-acre compound comprises 738 semi- and fully-finished residences, with areas ranging from 115 to 280 square meters. Possible clients are provided with zero-down deals, paired with installment facilities up to 10 years, said Mardev Developments Chairman Zohdy Zahran on the sidelines of Cityscape Egypt’s opening on November 4.

The Minorca project comes with a commercial component, called “Mardev Plaza,” covering an area of ​​8,800 square meters and consisting of a number of administrative and medical units, together with 127 commercial spaces.

So far, merely 40% of Mardev Plaza is sold out, with plans to market almost half of the project by year-end, according to Zahran.

Two more projects are currently underway in NAC’s R7 District, namely a 3,000-square-meter commercial center, called “Mall Light Sky,” coming at a total cost of EGP 200 mn and seeing 60% of units booked up thus far. The other one, or “Asgard Mall,” stretches over 2,000 square meters and comes with investments worth EGP 160 mn, with 70% of the project sold out, the chairman underscored.

As part of the company’s investment plan, Mardev Developments intends to pump EGP 500 mn into its various ongoing projects across the country in FY 2021, out of total investments amounting to EGP 1.85 bn, Zahran confirmed.