Egypt’s Marseilia Group lining up to establish 3 urban projects

Egypt’s Marseilia for Real Estate Investment is planning to build a number of urban projects in the New Administrative Capital, New Sphinx, and New Assiut cities, said its chairman on Tuesday.

The company is still considering the establishment of a new urban project in the new capital, Sherif Heliw told reporters on the sidelines of a conference held by the group on Monday.

The real estate developer is expecting to achieve 1.2 billion pounds in sales at the end of this year, Heliw further said.

He also added that the company has achieved sales worth 1 billion pounds year-to-date from handing over 300 units.

The company is targeting 3 billion pounds in sales from selling around 1,200 units to 1,400 units within 2019 and to generate sales of 20 billion pounds within the next five years, he said.

Also, Marseilia Group is seeking to establish a new urban project in Nasr City on a space of 42,000 metres, in partnership with the UAE-based Amlak Finance, he said.

“The company’s land portfolio stands at 250,000 metres in the North Coast, Alexandria, Ain Sokhna, and Cairo,” he added.

Marseilia has posted 30 billion pounds over the past 20 years from 15 projects across Egypt, the chairman concluded.