(MENAFN- Daily News Egypt)
Egyptian Real estate titan, Mabany Edris, has announced the latest expansion of its Koun project in Ras El Hekma, North Coast. This marks a significant investment surge, with plans to channel EGP 15bn into the development over the next three years, starting from 2024.
Following the swift sell-out of units, Mabany Edris now aims for total sales to hit approximately EGP 12bn from the Koun project. The project covers a vast 447,657.5 square meters and includes over 1,500 residential units.
The current phase introduces 593 fully finished residences, featuring various designs and sizes. These range from ground-floor apartments to standalone villas, townhouses, and twin homes, with sizes spanning from 59 to 114 square meters.
Mabany Edris' Chairperson, Mohamed Idris, revealed that the Koun project's investment has reached EGP 7bn. This uptick is attributed to the rising costs of raw materials, increased expenses in project execution, and the local currency's devaluation against the dollar.
Idris emphasises the firm's dedication to accelerating construction to mitigate the impact of fluctuating raw material costs. The project is expected to begin deliveries in 2027, with current construction progress at 15% of the total area.
The project's designs result from a partnership with the esteemed Ismail El-Habrouk Consultants.
Looking forward, Idris shares the company's bold strategy to invest EGP 15bn over the coming three years, starting in 2024. This initiative reflects a desire to pursue new investment prospects in western Cairo, including the New Sheikh Zayed and New Sphinx districts, as well as a fresh project in New Assiut, following the Asayla compound's triumph.
Discussing financial tactics, Idris stated:“Self-financing continues to be our main strategy, but we've broadened our financial instruments to include options like securitization. Additionally, we've established a long-term financing agreement with the National Bank of Egypt, which includes a protocol for expedited access to further bank funding.”
Mabany Edris has led numerous esteemed real estate projects across Egypt, selecting only the most prime locations. This commitment to excellence has not only augmented its portfolio but also spurred the swift evolution of emerging urban areas.
Moreover, the company has launched The Block, a hub for commercial and administrative spaces. Mabany Edris also introduced the Central Avenue complex in Sheikh Zayed City, west Cairo, which offers a full spectrum of commercial, administrative, and medical facilities.
In its pursuit to advance healthcare facilities, the company initiated the Rofayda Health Park in Sheikh Zayed City. Broadening its reach, Mabany Edris ventured into industrial projects, such as the Misr Logistics development.
In Upper Egypt, Mabany Edris pioneered the first integrated residential compound in New Assiut City, named“Asayla.”
The company also established the“Asayla Medical Park” in New Assiut, setting new benchmarks in medical project quality and transforming the region's healthcare sector. Following the high demand for the first phase, the company is gearing up to launch the second phase of Asayla Medical Park, expected to build on the success and trust established with its clientele.
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