Marseilia Group, Amlak Finance agree $604m for Nasr City project
Egyptian development will reportedly span 42,000m2 and comprise 1,500 homes, an office building, and a hotel
Real estate financers Marseilia Group and Amlak Finance have reportedly agreed a joint venture to develop a $604m mixed-use project in Nasr City, Egypt.
According to Thomson Reuters, the 42,000m2 project, which will feature 1,500-unit residential buildings, an office building, and a hotel, is currently in the design phase, and scheduled to launch by the end of 2019.
Marseilia Group’s vice president for commercial sector affairs, Myssara Ashour, said that construction work would be completed over a five-year period.
Ashour said the company was aiming to generate 50% of sales from overseas buyers.
The company is in negotiations to set up another partnership to develop a plot of land in the residential district of Egypt’s New Administrative Capital, a large-scale project announced by former Housing Minister, Mostafa Madbouly, at the Egypt Economic Development Conference in 2015.