MBG to invest $28 mln in Pukka’s phase I in Egypt new capital

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Egyptian Master Builders Group (MBG) says it is planning to invest 500 million Egyptian pounds ($28 million) in the first phase of its residential flagship Pukka in the country’s new capital by early 2019.

The first phase represents ten percent out of Pukka, the real estate development firm’s chairman Mahmoud Al Adl told Amwal Al Ghad on Saturday.

“The project will be executed over 50 feddans within four years,” Al Adl said, adding that Pukka is set to include 50 buildings.

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

“We had achieved contractual sales worth two billion pounds from Pukka in one year,” he said, adding that MBG is also looking to complete marketing the project within 2019.