MBG gets ministerial approval on Egypt new capital’s compound project

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Egyptian Master Builders Group (MBG) has obtained the ministerial approval on its flagship Pukka Compound in the country’s new capital, chairman Mahmoud Al Adl said on Sunday.

The residential project will be executed on a space of 50 feddans in four phases with investments worth 2 billion Egyptian pounds ($113.3 million), Al Adl added.

“We plan to start implementing the project’s first phase within the next few days, with investments estimated at around 300 million pounds,” he said. This phase represents 10 percent of Pukka.

Pukka is to include 1,680 housing units and 50 buildings, he earlier said, adding that the buildings will include 1,500 housing units, with spaces varying between 112 square metres and 230 square metres. The built-up area will not exceed 22.5 percent only.

“We had marketed more than 60 percent of the project’s units, with sales approaching 2.5 billion pounds,” Al Adl announced.