The Address posts $62.9 mln sales from The Marq New Cairo flagship

Egypt’s The Address Real Estate Development posted sales worth 1 billion Egyptian pounds ($62.9 million) from the first phase of its residential flagship,The Marq Compound in New Cairo, said chairman on Sunday.

The real estate developer is targeting sales estimated at 2 billion pounds from the project that is spanning over 26 feddans, Amr Badr added.

Spanning over 26 feddans, the project will include 300 fully-furnished villas as well as a number of entertainment and services activities.

The project is being developed in partnership with a number of local and Saudi investors, he said, adding that the project will be completely implemented within 2023, Badr said.

“We succeeded in achieving our targeted sales during the first half of the current year, despite the repercussions of the novel coronavirus (COVID-19),” he said.