By: Abdallah Bedeer
Cairo – Mubasher: First Group for Real Estate Investment is planning to launch an EGP 2.5 billion project in Fouka Road in Egypt’s North Coast, the company’s chairman Bashir Mustafa told Mubasher.
Situated on 95 feddans, the new project’s construction is planned to commence early 2019 and forecast to generate EGP 5.5 billion in sales, Mustafa added.
The Egypt-based developer will inject between EGP 200 million and EGP 300 million in 2018 and forecasts total sales of EGP 500 million in the same year, the top official revealed.
First Group is executing its 30 feddans KENZ Compound in 6th October in four stages, three of which were sold in consideration of EGP 1.5 billion, Mustafa continued.
The first and second stages were delivered, while the third and the fourth are slated for delivery in mid-2019 and mid-2020, he stated.
As for Kazan Plaza Mall project, the chairman said that it is located in front of Mall of Arab and situated on 16,000 square metres, with total investments of EGP 800 million.
Translated by: Muhammad Khalid
