By: Abdullah Bedeir

Cairo – Mubasher: Porto Group Holding has launched Porto Assiut in Nasser City, located in West Assiut, with total investments of EGP 4.5 billion.

Situated over 77 feddans (about 324,000 square metres), the project is expected to feature a 200-room hotel, 1,900 residential and hotel units, and 525 villas, the company’s chairman, Mohamed El-Sayed, said during a press conference on Tuesday.

 The development will also include commercial areas spanning over 24,000 square metres as well as 55 square metres of green areas, he added.

Construction in the project is scheduled to begin within the coming few days, he noted.

The real estate developer targets EGP 1 billion in sales of the first phase of Porto Assiut which will feature 500 residential units, the company’s chief marketing officer, Dalia El-Kordy, revealed. 

She added that a total of 200 residential units have been reserved so far.

On Monday, the Egyptian housing minister Assem El-Gazzar revealed that Porto Group Holding has obtained a land plot through direct allocation in Nasser City, situated over 6,006 feddans in West Asssiut.

It is noteworthy that during the first nine months of 2019, Porto Group Holding reported a net profit of EGP 91.3 million, down from EGP 115.8 million in the corresponding period a year earlier.