Egypt’s real estate developer Master Group has announced plans to implement new projects in the New Administrative Capital (NAC), North Coast, Upper Egypt, and South Sinai by 2021, Zawya Projects reports.
In the new capital, two mixed-use developments are underway, the first of which is a 37-acre compound, called “City Oval,” and scheduled for launching next September, featuring several residential units and a 13,000-square-meter mall, Master Group CEO Mohamed Lashin told Zawya Projects on August 24.
The second project in NAC is a 16-story tower that is being developed over an area of almost 3,800 square meters and is set to be rolled out in early 2021, Lashin further stated, without revealing investment costs.
Meanwhile, Master Group is intending for a 50-acre coastal project in South Sinai’s Ras Sudr, in addition to a gated community in Upper Egypt and a hospitality establishment on the North Coast, the CEO indicated, but he did not elaborate on details.
Under-construction projects include the EGP 1.2 bn Ibiza Chillout in Ain Sokhna, which is nearing completion in mid-2022, along with another residential project in NAC, coming with investments worth EGP 3.5 bn, aiming for finalization by 2023.
In 2019, Master Group had unveiled plans for the implementation of the largest water park city in Ain Sokhna at its flagship project Ibiza Chillout, with investments of up to EGP 3 bn, according to a previous statement.
