Mark Development launches an integrated urban project in New Cairo with investments of EGP 5 bn as part of the company’s expansion plan in the real estate market, Invest-Gate reports.

The plan is with expected contractual sales exceeding EGP 8 bn. The company plans to pump EGP 700 mn in its investments until 2023 in addition to studying the development of a new tourism project in Ain Sokhna in 2021, according to a company press release on March 29.

For his part, Amr Badr, chairman and CEO of Mark Development, says that the company decided, since its entry into real estate development, to offer a different real estate product.

Badr further elaborates that the company achieves contractual sales of EGP 2 bn with its project in New Cairo. It started implementing the project and assigned the construction works to the Good Shepherd Company.

“The company plans to pump investments worth EGP 700 mn in the The Mark project, New Cairo, to accelerate the project implementation rates,” Badr adds.

He added that the company achieved sales to foreigners in the project by 20% of the total targeted sales in conjunction with the gradual return of activities and events in the real estate sector.

Moreover, “The company has contracted with the BMB Service company for services and project management to take over all phases of the project, from design to completion and delivery of the project in full,” he notes, concluding that, “The Mark project includes fully finished villas with hotel services.”