MG Developments Finishes Most of Its Projects, Plans to Launch New One

MG Developments Finishes Most of Its Projects, Plans to Launch New One

MG Developments announces its success during 2021 as its achievements reach 100% by exceeding the timetable for implementation rates to maintain its leadership in the real estate market, Invest-Gate reports.

Mohamed Metawee, chairman of MG Developments, says that the group was able to achieve completion rates that reach 100% in the various sectors.

“We were able to complete 100% of the Indego, Cyan and the “Royal Villas” phase in the Blue Blue project, Ain Sokhna, and we reach 90% of the “Azure” phase, and we are able to complete 75% of the “Navy” phase 24 months ahead of schedule, in addition to completing 100% of “Mark Mall”, he adds.

Moreover, he indicates that concerning the administrative HQ project on 90th Street in the 5th Settlement, 93% of the volume of business has been reached and it is scheduled to be completed during the summer of 2022.  The land area that the project is built is 5000 sqm, with an investment value of EGP1 bn. The management and operation work has been assigned to Savills.

He states that the excavation and concrete works have been completed in the Premium Business project, which is the 2nd commercial administrative project in the 5th Settlement, with an initial investment of EGP 200 mn.

Also, he confirms that regarding the group’s projects in the NAC, 82% of the commercial administrative ProMark project has been completed, with investments of EGP 1.2 bn. The construction work of The Mark project will start during March 2022, as the company uses a large group of contracting companies to implement the works.

Furthermore, seeking to establish an alliance with some companies to establish a new project in the NAC, which will be announced soon.


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