Egypt’s Marseilia to execute new residential project in Alexandria

Egypt’s property developer firm, Marseilia Group announces that it is planning to start carrying out a new residential and commercial flagship in Alexandria, the state’s second largest city.

The project is with initial investments worth 1.3 billion Egyptian pounds ($72.8 million), said the company’s chairman Sherif Heliw, referring that it is set to be implemented on a space of 15,000 square metres.

“The project’s residential part will include 1,000 housing units,” Heliw told Amwal Al Ghad, adding that this part is to be executed within a three-year timeframe.

In addition, the Egyptian official added that his also hopes to achieve revenues estimated at 2.5 billion pounds from the project.

“The company’s scheme aims to establish a new residential, touristic, and hotel four-star flagship in North Coast resort on a space of 100 feddans,” Heliw noted.