MG Developments Targets EGP 3 bn of Contractual Sales in 2021

MG Developments Targets EGP 3 bn of Contractual Sales in 2021

MG Developments announces that it is targeting an expansion strategy during 2021 through a number of already existing projects, as well as a number of other projects that will be launched during the coming period in a number of different destinations, aiming to achieve contractual sales of EGP 3 bn during the current year, Invest-Gate reports.

Mohamed Metawee, CEO of MG Developments, says that the real estate market sales in Egypt exceed EGP 200 bn annually, and “We aim to obtain a share of EGP 3 bn from the total value of sales by expanding and launching a number of new projects in different destinations that considered as an investment opportunity,” he states.

Metawee adds that the company’s projects are diversified in a number of fields, including residential, administrative, commercial and tourism, which enriches MG Developments with a diverse portfolio of projects that contribute to the inclusion of various new segments of clients, stressing the importance of investing in the new administrative capital, especially in the government district, as a good destination for investment.

Metawee points out that the company has expanded its contracts with real estate marketing companies, which already have a major role in this industry, by accelerating the sales rates of companies and real estate developers; this comes for their adoption of innovative marketing ideas based on the use of technology.

Metawee reveals that this year will witness the company’s launch of a number of new projects at the New Administrative Capital, including two projects with initial investments estimated at EGP 1.550 bn, namely the ProMark project, which is held in the government district and banks, and The Mark project, which is being held in the Downtown area.

ProMark is being built on an area of ​​8,836 sqm; its building area is ​​25,000 sqm with two garage floors of ​​10,000 sqm. He emphasizes that the company already started the implementation of the project with a completion rate of 30% before announcing it for sale, to confirm the strength and durability of its financial position and its ability to complete the project on the specified dates.

The Mark project, which is commercial, administrative and hotel housing, is built on an area of ​​3,144 sqm and with a building area of ​​1, 000 sqm divided into 11 floors in addition to three floors of a garage.

Metawee adds that the company has also launched the fourth phase of the Blue Blue Sokhna project, with investments of EGP 500 mn, after handing over the previous three phases, as this phase is distinguished by its proximity to the sea by a distance of 50 m and all units enjoy a seaview as well as a number of distinctive services.

During the end of the second quarter of the current year, the mall in Blue Blue will be offered for rent to facilitate the owners of Blue Blue to buy their needs, as well as visitors to Ain Sokhna, the statement reads. The Strip Mall is built on one floor with an area of ​​2,500 sqm with investments of EGP 100 mn.

MG Developments is now preparing to launch the Premium Business project, which is the second of its commercial administrative projects in the Fifth Settlement, with initial investment of EGP 200 mn in the South Teseen Street, in addition to many services related to the commercial administrative building, including security of parking lots and cafes, as well as a service area for the building’s visitors.

Metawee announces that the last phase of Lavida Compound will be offered with payment facilities of up to 10 years, and the units will be delivered fully finished.



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