Project is scheduled for launch end of 2019 while construction will be completed over a five-year period
A top official of Egypt’s Marseilia Group has said that design work is underway for the $604 million mixed-use project, which is being developed by a joint venture (JV) between Marseilia and UAE’s Amlak Finance, according to a report by Thomson Reuters (TR).
The project is being developed on a plot of land owned by Amlak Finance in Nasr City in Cairo, Egypt and is scheduled for completion over a five-year period.
It is spread over 42,000 sqm. of land and will include residential buildings, an office building and a hotel. This is in addition to shopping malls, clubs and social activities planned for the project.
The project is also aiming at creating 10,000 job opportunities for the Egyptian youth in the next five years. Moreover, the developer has stated that it is targeting to generate 50 per cent of the sales from overseas buyers.
Marseilia Group’s vice president for commercial sector affairs, Myssara Ashour told TR, that the company is also in negotiations to set up a JV to develop a plot of land in Egypt’s New Administration Capital’s residential district.
Additionally, TR reported that earlier this month, Amlak’s statement to the Dubai Financial Market, said that the firm had made significant progress in obtaining approval from lenders for a restructuring of its debts with a new agreement most likely before end of 2019.