Madinet Nasr Housing and Development Company (MNHD) signs a memorandum of understanding with Construction & Design (Constec) for the construction of two projects in New Cairo’s Sarai project, with a value of over EGP 500 mn, Invest-Gate reports.

Under the protocol, Constec will carry out the construction work for two projects inside Sarai; Arena Mall and Kavana.

The first project includes construction works in the Arena Mall, which has a built-up area of about 8,000 sqm of the total area of the project, which constitutes the commercial component of the Saray project.

Works on the project are scheduled to take 12 months.

As for the second project, it includes the implementation of construction works in the Kavana residential project, with a total number of units amounting to 215 villas, on a built-up area of 75,500 sqm of the total area of the project.

The units in the Kavana project comprise stand-alone villas, twin houses, and townhouses. Works at the project will take 20 months.

Situated over 5.5 mn sqm, Sarai is a mixed-use development located directly on Cairo-Suez Road and Al Amal Axis.