MBG Development intends to launch Pukka 2 project in the New Administrative Capital, East Cairo in the second quarter (2Q) of the year, according to Chairperson of MBG Development Mahmoud Al Adl.
He said Pukka 2 is located on an area of 100 feddan, with investments amounting to EGP 10bn. The necessary studies of the project are currently underway. It will be a residential compound offering villas only.
Al Adl noted that investing in the New Capital is like safe haven because of its continuous price increase, stressing that investing in real estate now is better than other economic sectors, especially after the spread of the Coronavirus pandemic which affected the whole global economy.
The company will continue presenting its offers that were supposed to be announced in Cityscape exhibition before it was postponed. The company’s offers will last until the end of March.
Regarding the company’s efforts in protecting its employees from COVID-19, Al Adl said the company took several precautionary measures to prevent the spread of the Coronavirus. These measures include sterilising the company’s branches and offices periodically. The company will also stop using fingerprint scan for employees.
MBG also provided hand sanitizers at the company’s headquarters and other buildings, so that employees can use it continuously during work, he added.
The company announced earlier investing EGP 700m in Pukka compound in the New Capital this year. Pukka consists of about 1,680 housing units and its area is approximately 40 feddan, with total expected sales of EGP 4bn. The company aims to deliver the first phase in 2022.
Al-Adl then elaborated that his company began concrete works for the project, as it directed EGP 200m for construction works. The company plans to increase construction rates of the project.
MBG also managed to market approximately 80% of the residential part of the project.
Al Adl said the company paid three out of five instalments of the project’s land price in time for the Administrative Capital for Urban Development, the state-owned company responsible for developing the New Capital, which constitutes 60% of the total cost of the land.