Marseilia Group intends to implement a commercial residential project in the governorate of Alexandria with initial investments of EGP1.3bn, spread over an area of 15,000 sqm, Sherif Heliw, chairperson of the group, told Daily News Egypt.
Heliw noted that the residential part of the project includes 1,000 housing units, which will be implemented within three years. The company obtained the project land and licensing is underway, to be implemented early next year.
Heliw explained that the company aims to achieve revenues of EGP 2.5bn from the project.
He revealed the company’s plan for the implementation of a new a residential tourism project in the North Coast on an area of 100 feddans.
He explained that the company acquired the project land and licenses are underway, and the project includes a four-star hotel.
Moreover, the company is planning to complete the Marseilia Beach 4 project in the North Coast by 2021, with investments of about EGP 2.5bn.
Marseilia Beach 4 is located on an area of 150 feddans and includes about 1,600 units. It includes three executive phases. The first and second phases of the project are being implemented with investments of EGP 1.4bn. The first phase of the project, which includes 800 units, was fully marketed, while the company is approaching the marketing of about 50% of second phase.
He said that his company will launch the third phase soon, which includes 400 units of various sizes.
He elaborated that his company is studying available investment opportunities in the entire real estate market, although it is more focused on the Nile Delta region, which is an important investment destination due to the availability of high purchasing power and higher demand than supply, due to real estate companies’ focus on the new cities surrounding Cairo.