Marquee Developments announced the completion of the sale of the first phase of the “Shababeek” project, its inaugural project launched last month, achieving a total contractual sales value of EGP 430 mn in record time, Invest-Gate reports.

Mohamed Amer, CEO of Marquee Developments, stated that the “Shababeek” project is situated in one of the most desirable areas in the Fifth Settlement, along the northern 90th Street in the North House area, covering an area of 15 feddans with total investments amounting to EGP 6 bn.

He pointed out that the company decided to launch the first phase of the project last December, which sold out in record time. This rapid sales success can be attributed to several factors, primarily the project’s ideal urban planning and the extensive range of services included in its design to achieve the highest standards of comfort and luxury. The project features expansive green spaces, natural landscapes, artificial lakes, and various services that account for over 82% of the total area.

Amer added that the “Shababeek” project is the first of the company’s developments launched in the Egyptian market during the last quarter of the previous year, as part of an ambitious plan to establish a presence in Egypt with a unique urban concept based on the founders’ experience spanning more than 40 years in construction and building in both Egypt and the UAE.

He emphasized that the “Shababeek” project is regarded as one of the most remarkable residential developments in the Fifth Settlement area.

Furthermore, Amer highlighted the company’s commitment to selecting successful partners from the largest consulting and architectural engineering firms operating in Egypt and the Middle East to ensure that the project is implemented according to the highest international standards for modern and sustainable construction.

MTA Engineering has been contracted as the consultant and architectural designer for the project, while  Moharram Bakhoum serves as the engineering consultant for implementation works. Okoplan, a leader in landscape design and implementation, has also been engaged to ensure the project meets the highest standards of quality and sustainability.