By: Abdullah Bedeir
Cairo – Mubasher: Madaar Development Company plans to invest EGP 22 billion in three or four projects in the coming period, CEO Gasser Bahgat revealed.
During a press conference, the CEO noted that the company will launch a new tourism project in the North Coast next year at an investment cost of EGP 8 billion, adding that talks are still ongoing to obtain the land plot of the project.
Moreover, the property developer is investing a total of EGP 15 billion in its Azha project in Ain Sokhna, including EGP 6 billion worth of investments in the residential section, Bahgat added.
Spanning over an area of 400 acres, the project will feature 2,500 housing units, in addition to 1,500 rooms distributed over seven hotels, along with a commercial and administrative area extending over 130,000 square metres (sqm).
The company has achieved EGP 7 billion in sales from the project, out of total targeted contractual sales of EGP 18 billion, Bahgat pointed out.
Moreover, the company has completed and delivered a 200-room hotel at an investment cost of EGP 250 million.
Madar has achieved 50% of its target sales for 2021 with a total value of EGP 1.75 billion.