Egypt’s Marseilia Real Estate Investment Group, a subsidiary of Marseilia Group, has signed an agreement with Misr for Investment and Urban Development for the development of a new urban project at the New Administrative Capital (NAC), Invest-Gate reports.

The project will be built over 42 acres at NAC’s first phase, with estimated revenues of up to EGP 5 bn, Marseilia said in a bourse filing on January 31, noting that it aims to implement and deliver the project over two phases within three years.

According to the filing, Marseilia’s share in the project accounts for roughly 64%, while Misr for Investment and Urban Development holds the remaining 36%.

During the signing ceremony, Marseilia Group Chairman Sherif Heliw told state-owned Al Ahram Al Iktisadi that Marseilia is the project’s main developer, revealing that the company has pumped about EGP 300 mn into the compound’s first phase, while expecting it to generate sales of EGP 3 bn.

Marseilia targets selling between 40% and 50% of its NAC project to non-Egyptian customers, particularly ones from the Gulf countries, Heliw stated.

Located at NAC’s R7 residential district, the compound encompasses a total of 1,750 housing units, in addition to distinct spaces dedicated to service and entertainment venues, as well as, lush greenery areas.

It also comprises a shopping mall, sports fields, and swimming pools to serve its residents as well as NAC’s citizens, Marseilia said in the filing, pointing out that the project’s built-up area (BUA) is less than 20% of the total land area.

In December, the property developer signed a memorandum of understanding (MoU) with UAE’s Amlak Finance to develop a new urban project in Nasr City, Cairo, under the sponsorship of the National Bank of Egypt (Dubai International Financial Center).

The residential project spans over 42,676 square meters of land owned by Amlak, with expectations to achieve profits between EGP 10 bn and EGP 12 bn due to its distinctive location across Al Nasr Street and in front of Al Ahly Sporting Club, the developer said in a previous filing.