Egypt-based real estate developer Marseilia Group has revealed its plans to invest EGP 5.5 bn to develop two projects in 2018, according to Al-Borsa newspaper as published on the developer’s official Facebook page. 

Marseilia Group Chairman Sherif Heliw says that the two partnership projects are one in the North Coast with EGP 2.5 bn investments, and another in Alexandria to be implemented on an area of 15,000 square meters with investments worth EGP 3 bn.

He adds that the company is still in negotiations to acquire 100 acres in the New Administrative Capital.

The developer aims to establish a joint venture (JV) with Dubai’s Amlak Finance under the patronage of Dubai International Financial Centre (DIFC), a financial hub affiliated to National Bank of Egypt (NBE), with investments exceeding EGP 10 bn, Heliw underlines.

The chairman highlights that the firm is launching the second phase of its Marseilia Beach 4 project, which includes 850 units spanning across 80 acres with total investments of EGP 1.5 bn, expecting it to be sold out and developed within two years.

Marseilia Beach 4 is being developed over three phases, Heliw adds.

Heliw points out that Marseilia plans to launch the second and third phases of Hayat Alex Park  which comprises 1,200 units with investments worth EGP 3 bn.

Heliw underlines that Marseilia Group expects to achieve EGP 1.2 bn in sales this year, an increase of 50% compared to 2017 due to the firm’s new developments, Al-Borsa adds.