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Porto Group set to launch Golf Porto City with investments of EGP 11.9bn Project includes 3,000 residential units, 500 villas, international restaurants, an international school
Porto Holding Group (Porto Group) is preparing to launch the Golf Porto Cairo project in Al-Mostakbal City in the coming months at an investment cost of EGP 11.905bn. The project is located on an area of 151 feddan and is located in the fourth phase of Al-Mostakbal City on Al-Amal road, which is adjacent to the New Administrative Capital (NAC) and Madinaty, the company said in a disclosure to the Egyptian Exchange (EGX) yesterday. The group noted that it has contracted WATG to develop the master plan and commissioned Steve Reston, the world's largest footgolf designer, to design the golf courses. Golf Porto City project includes 3,000 residential units, 500 villas, international restaurants, and an international school. The units will vary in area ranging from 59 to 142 sqm, while the villas' area range from 105 to 375 sqm. The project is being implemented in partnership with Mostakbal-Urban Developments Egypt, under which Porto Tourism Development (one of the Porto Group subsidiaries) develops the land plot owned by Mostakbal-Urban Developments Egypt. The latter company will share 33% of the revenues. Porto Holding Group (Porto Group) recorded a net profit of EGP 59.59m during the first three months of this year, compared to EGP 45.52m, a growth of 31% year-over-year (y-o-y). The company's revenues during the three months increased by 10% y-o-y to reach EGP 417.83m at the end of March, compared to EGP 378.1m. As for independent financial statements, the company recorded losses during the first quarter of 2019 of EGP 2.35m by the end of March, compared to EGP 3.77m of losses during the same period of 2018.
