Cairo-based real estate developer MBG Development is currently preparing to launch two tourism projects in Ain Sokhna and the North Coast, Invest-Gate reports.
The first project covers a total area of 100 acres in the North Coast, while the second will be built on an area of up to 50 acres in Ain Sokhna, Mahmoud Al Adl, the company’s chairman, exclusively told Invest-Gate on February 3.
Both projects will include housing units with varying sizes and modules, including villas, chalets, and studios, featuring a handful of entertainment and commercial services, Al Adl noted, adding that the 50-acre compound is being developed over four phases, with investments reaching EGP 2 bn.
Al Adl pointed out that MBG aims to expand its real estate investments in the Egyptian market during the upcoming period, confirming that the company has already obtained the ministerial approval for the construction of Pukka compound in the New Administrative Capital (NAC).
Concerning MBG’s project in the NAC, the chairman elaborated that the property developer has begun the construction of its first phase with EGP 500 mn worth of investments.
In addition, MBG has marketed 60% of the project’s units, generating total sales of approximately EGP 2.5 bn. The company plans to continue marketing the 1,680-unit project until year-end, with expected sales of EGP 4 bn, Al Adl underlined.
