Marseilia Group lining up for new residential project in Upper Egypt

Egypt’s property developer Marseilia Group hopes to carry out a new fully-fledged residential flagship in Assiut Governorate, 375km (233.014 miles) south of Cairo, said its chairman Yasser Ragab on Sunday.

The new project will be executed on a space of 20 faddans in partnership with one of the investors, who owns the land plot, Ragab further told Amwal Al Ghad.

“The company is set to develop and market the project,” the Egyptian official stated, adding that Marseilia seeks to expand its business volume in Upper Egypt within the upcoming period.

In addition, Ragab referred that Marseilia Group plans to establish another fully-integrated urban flagship in Nasr City district over 42,000 square metres, with total investments worth around 10 billion Egyptian pounds ($567.8 million).

“The new flagship will be implemented on a land plot owned by UAE-based Amlak Finance,” Ragab said, elaborating that it is to include residential, commercial, and administrative parts as well as a hotel.