Egypt expects IMF's combined fifth, sixth review completion by October – minister    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Egypt launches first national workshop on food systems, climate action with UN, global partners    Al-Sisi reviews Egypt's food security, strategic commodity reserves    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MBG contracts with EHAF Consulting Engineers to supervise Pukka project in NAC
Offering company's commercial mall for sale in 2 months, expected revenues of EGP 1bn, says chairperson
Published in Daily News Egypt on 27 - 03 - 2019

Egypt's real estate developer MBG Development has contracted with EHAF Consulting Engineers to oversee the implementation of the Pukka project in the New Administrative Capital (NAC), according to MBG's Chairperson, Mahmoud Al Adl.
He told Daily News Egypt that the company has achieved contractual sales worth EGP 2bn in various project phases.
Al Adl noted that the company will showcase new units for sale during the Cityscape Egypt exhibition, which is being held between 27-30 March.
He pointed out that EHAF is specialised in project design and construction supervision, as well as providing a wide range of services, such as architecture, interior design, urban design, landscape, roads and bridges, rapid transit systems, water and wastewater, and project management. Moreover, it operates in several countries, such as the UAE, Saudi Arabia, Qatar, and Egypt.
The company is developing the Pukka project on 40 feddan, with investments of EGP 4bn.
MBG has begun the construction of the first phase of the project with EGP 500m in investments. The project is being developed over four phases, and will be delivered in 2022, he elaborated.
MBG's chairperson pointed out that the company obtained the ministerial approval and paid 20% of the land value according to the contract with the Administrative Capital for Urban Development (ACUD).
"The company has completed the marketing of more than 60% of the project's units with total sales of approximately EGP 2.5bn. The company plans to complete the project marketing by the end of 2019, offering a total of 1,680 units, with expected sales of EGP 4bn," Al Adl emphasised.
Al Adl explained that the company allocated 11% of the project's total area to establish service activities, including a commercial mall on an area of 60,000 sqm. In addition, it will include administrative units and a specialised medical centre to serve the area surrounding the project, which is located in front of the Cathedral of Nativity in the new capital.
Additionally, he revealed that MBG is developing a commercial mall comprising of commercial and administrative units, as well as medical units, and that the price per metre ranges between EGP 30,000-90,000, and consists of three floors with an area for each floor reaching 6,000 sqm.
Al Adl added that the company contracted with Raafat Miller Consulting (RMC) in order to develop the architectural plans and infrastructure for the Pukka project.
"The company has managed to market a large part of its units in international markets especially in Europe. The biggest share of sales was in Britain, France, Italy, Spain, and the USA," he disclosed. "Additionally, we plan to offer units with small spaces during the Cityscape exhibition to meet the needs of our customers."
He highlighted that the Pukka project is the first in the NAC that includes a sky pool.
MBG is dependent on self-financing by injecting liquidity from its shareholders, as well as sale proceeds, as bank borrowing is not in the company's plans in the current period, he explained.
The company is focused on investing in the NAC during the coming period. Therefore, the company plans to implement a new residential project in there on an area of 48 feddan, similar to the Pukka project, along with developing a medical project for athletes' injuries in the sports city on an area of 5 feddan, Al Adl said.
He expected price increase by 20% during the second half of this year after the liberalisation of the fuel prices, in addition to the annual price increases in the real estate market and that the sales movement will be active during the current year by 10-15%, compared to last year.


Clic here to read the story from its source.