By: Abdullah Bedier

Cairo – Mubasher: Marseilia for Real Estate Investment is looking to implement new urban projects in the New Administrative Capital, New Sphinx City, and New Assiut City, the group’s chairman said.

The Egyptian group is still considering the establishment of a new urban project in the new capital, Sherif Heliw told reporters on the sidelines of a conference held by the group on Monday.

The real estate developer is expecting to log EGP 1.2 billion in sales by the end of 2018, Heliw said.

He also revealed that the group has achieved sales of EGP 1 billion year-to-date from handing over 300 units.

The company is targeting EGP 3 billion in sales from selling around 1,200 to 1,400 units in 2019 and to generate sales of EGP 20 billion in the coming five years, the chairman added.

Marseilia Group is also planning to build an urban project in Nasr City spanning 42,000 metres in partnership with the UAE-based Amlak Finance, he indicated.

He further noted that the company’s land portfolio stands at 250,000 metres in the North Coast, Alexandria, Ain Sokhna, and Cairo.

He unveiled that Marseilia has logged around EGP 30 billion over the past 20 years from 15 projects across Egypt.

Translated by: Mai Ezz El-Din