(MENAFN- Daily News Egypt) Mass Developments has announced the launch of a new mixed-use project on Gamal Abdel Nasser Axis in New Cairo, with an investment exceeding EGP 22bn, spanning an area of 30,600 sqm.
Atef Manai, Chairperson of Mass Developments, stated that this project is part of the company's expansion plan in the local market over the coming period, leveraging the extensive experience of its founders, which spans nearly a quarter of a century in Real estate development.
Manai highlighted the company's diverse track record, which includes developing commercial businesses, malls, and residential complexes in East Cairo, specifically in New Cairo and the New Administrative Capital, with total investments reaching EGP 20bn.
Additionally, the company has residential and commercial projects in West Cairo, notably in 6th of October City, with investments nearing EGP 15bn.
Manai added that the New Capital project currently offers the highest investment return among real estate projects in Egypt, with continued growth expected as the subsequent phases are launched.
He further explained that Mass Developments has benefited from an exclusive advantage that shielded it from many of the challenges faced by the local real estate market regarding rising costs.
The company owns three factories in Abu Rawash specializing in the production of modern building materials, with an investment of EGP 500m, serving both local and international markets under the slogan“Proudly Made in Egypt.”
He revealed that the company owns a diversified land portfolio for residential and commercial purposes in several promising areas, such as New Cairo, 6th of October City, Sheikh Zayed City, New Minya City, New Sohag City, and New Damietta City.
Manai emphasized that this portfolio demonstrates the company's goal to contribute to Egypt's urban development, as the vast majority of the portfolio is located in new cities announced by the state, which helps double Egypt's inhabited area.
Manai also disclosed that the company is developing an international school in 6th of October City, specifically in the Eastern Expansions area, and another international school in New Damietta. Additionally, the company's founders act as exclusive agents for nine brands (Chinese and Turkish) in the modern building materials field, with investments totaling EGP 1.5bn.
The company aims to invest in Egypt's education sector, aligning with the state's encouragement for investors to contribute to human development. Moreover, this sector also offers a good return on investment.
Sherif El-Ghazaly, CEO of the company, mentioned that the project consists of four floors and features new technologies in execution being used for the first time in the local market.
The CEO added that the new project is part of the company's growth in business volume and the implementation of a strong and ambitious work plan based on diversification in its portfolio and seizing unique investment opportunities, in addition to delivering successful residential projects with the highest quality standards and within the set timeline.
El-Ghazaly pointed out that the company is always exploring good investment opportunities, whether in East or West Cairo, and is keen to provide multi-use projects offering all services to clients, which also yields the highest investment returns for them. Furthermore, the company owns a prime land portfolio in six cities, including two in Upper Egypt.
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