Seldar Misr has announced plans to pump EGP 3 bn worth of new investments into Al Jazi Egypt, its branded residences project in New Cairo, over the next two years, Invest-Gate reports.
“We have invested EGP 4 bn so far, aiming to bring the 63-acre mixed-use development’s investment cost to EGP 7 bn by end-2022. The entire project is self-financed,” said Seldar Misr Chairman Tarek Mahmoud El Sayed in a recent press release.
Al Jazi Egypt features a diverse range of residential, administrative, and commercial properties under renowned hotel brands, including Marriott Residences New Cairo, Al Jazi First, JW Marriott Residences Al Jazi Gardens, Al Jazi Administrative Offices, on top of the 20,000-square-meter Al Jazi First Mall.
During Cityscape Egypt, which runs from November 4 to 7, Seldar Misr has managed to secure 100% sales of Al Jazi Egypt’s first phase in three days. Given this high demand, JW Marriott Residences was rolled out. El Sayed added, “Work on Al Jazi Egypt nears 95% completion, in a bid for delivery before 2023.”
“With Al Jazi Egypt, we introduce a new vision and concept to Egypt, offering a unique housing experience that combines the quality of the real estate and the luxury of hospitality by Marriott International … The project carries both brands Marriott and JW Marriott,” the chairman was quoted as saying.
Seldar Misr is an affiliate of Doha-based Al Rayyan Tourism Investment Company, which owns 34 hotels worldwide, 30 of which are managed by Marriott International.