MBG to execute phase I of Egypt new capital’s compound project in days

Big 5

Egyptian Master Builders Group (MBG) will start executing the first phase of its flagship Pukka Compound in the country’s new capital within the next few days, chairman Mahmoud Al Adl said on Wednesday.

The first phase, which represent 10 percent of the residential project, is with investments worth 500 million Egyptian pounds ($27.8 million), Al Adl added.

“Pukka is set to be implemented on a space of 50 feddans within a four-year timeframe,” he earlier said, adding that the project will include 50 buildings.

The 50 buildings will comprise 1,500 housing units, with spaces varying between 112 square metres and 230 square metres and a built-up area of 22.5 percent, Al Adl said.

“We plan to complete marketing the project within 2019,” Al Adel said. The real estate investment firm had achieved contractual sales of two billion pounds from Pukka in one year.

MBG also seeks to execute a medical project in the new capital, as part of its urban plan to increase investments and expand business volume within the next period, he added.