Chairman of MBG Development Mahmoud Al Adl unveils developer intends to launch an international medical center in the New Administrative Capital (NAC), expecting to reach an agreement with the Administrative Capital for Urban Development (ACUD) before year-end, Invest-Gate reports.
Spanning across 5 acres, the medical center is set to provide treatments for the rehabilitation of people with disabilities, in addition to physical therapy and stadium sports medicine clinics, with estimated investments of EGP 2 bn, Al Adl told Invest-Gate.
“We are approaching an agreement with the ACUD to obtain the land and agreeing on the price per square meter,” he revealed.
He further added that his company will begin the implementation of a mall in the new capital at the beginning of the coming year, which will also include medical activities on 1,000 square meters.
MBG is currently developing Pukka, a residential project in NAC. According to Al Adl, construction works at the first phase of the compound will commence within a few days, at an investment cost of EGP 500 mn, he told state-owned Al Ahram Al Iktisadi news website on December 19, adding that works at the internal and main roads of the project have already started and are underway.
The property developer aims to finalize marketing the rest of the residential project in 2019, especially after managing to market 800 units of the total project in a period not exceeding eight months, he told Al Ahram Al Iktisadi, underscoring that Pukka project comprises units with areas ranging from 112 to 225 square meters.
In addition, MBG has signed a cooperation protocol with consulting firm RMC International due to its vast experience in the engineering consultancy field, with several real estate projects locally and internationally, namely Cairo Expo City, Mall of Egypt, Mivida compound, and the Greek city of Dubai project, the chairman added.
Al Adl explained that the company targets implementing a handful of urban projects in NAC soon, in light of MBG’s keenness on increasing its investments as well as raising its urban developments in the forthcoming period.