EGYPT – Margins Development, a real estate developer, has begun excavation and construction works of its new project, Zia, with an investment of EGP1 billion (US$63.74 million), reports Daily News Egypt.
According to Vice Chairperson and Managing Director Ashraf Shaheen, Zia is comprised of commercial, medical and administrative units.
Shaheen added that the investments that have been pumped into the project, located in the New Administrative Capital’s (NAC) Downtown area, has reached.
The company has recently signed a project management cooperation with the UAE’s EFS Group, which is specialised in providing services, facilities management, and creating foundations for sustainable solutions throughout the Middle East.
Spanning over 18,000 sqm, the Zia project is comprised of 176 units of areas ranging from 24 sqm to 224 sqm, he said.
Shaheen added that the company intends to deliver the project by the end of 2023, whilst putting into effect its intention to expand in local real estate development and industrial development.
Margins Developments also intends to expand in the establishment of residential, commercial, administrative, and medical projects, into which it expects to direct approximately EGP 4 billion (US$255m) in investments.
In addition to expanding its land portfolio, the company is also preparing to acquire new plots of land in the NAC and New Alamein.
Shaheen noted that the NAC, as a development project, maintains 70% of the existing sales share in the real estate market during the current period, supported by several main factors.
The most notable of these is the government support for the project, and the establishment of an unprecedented smart infrastructure in the city.
The Egyptian market has become more attractive for investment, especially in the wake of the government’s measures to support investment and investors. This relates to reforms in legislative structure or pushing investment incentives to attract local and foreign investors, Shaheen noted.