Egypt’s MG Developments eyes EGP 750mn in 2018 contractual sales

Egypt’s MG Developments Company targets contractual sales worth around 750 million Egyptian pounds ($41.9 million) from its projects within 2018, chairman Mohammed Metawee said Sunday.

The targeted sales will be driven by the rise in real estate market activity and the launch of the new phases in MG’s flagships, Metawee told Amwal Al Ghad.

“The company’s project portfolio varies between residential and touristic projects to fill the need of clients abroad,” he referred.

Moreover, the official added that MG is currently carrying out its fully-fledged residential flagship La Vida Compound in New Heliopolis City in New Cairo over 27,000 square metres.

“La Vida is set to include 445 housing units, with total investments of around 500 million pounds and with a 25-percent built-up area,” Metawee said, clarifying that the project has been completely marketed.