Egypt’s Mabany Edris plans to start delivering a new residential flagship in Sixth of October City, 38km (23.6 miles) from the centre of Cairo, within 2019, its chief executive and managing director Mohamed Edris said Saturday.
Mabany Edris, which is a real estate developer firm, was founded 20 years ago. It has a strong foothold in the market with a strong portfolio that includes various residential, commercial, industrial, and medical projects.
The new residential project is with total investments approaching 750 million Egyptian pounds ($42.7 million), Edris further told Amwal Al Ghad, adding that it will include around 500 various housing units and a service area.
“The company owns its flagship Green 4 in Sixth of October City in different phases,” he stated, referring that Mabany Edris is currently handing over 200 units, at a cost of about 500 million pounds.
In addition, the Egyptian official clarified that that Mabany Edris has a number of other residential flagships in the cities of Sheikh Zayed, at the outskirts of Cairo, and Sixth of October.
“The company targets expanding its real estate projects within the next period,” Edris said, elaborating that Mabany Edis studies to pump new investments in various areas in the East of Cairo.