By Hamed Mahmoud
The ProMark is a commercial and administrative project in the government and banks district with investments of LE1.2b, and the The Mark is a commercial, medical, administrative hotel project in the Downtown area with investments of LE350m.
During the press conference held on April 7, Mohamed Metawee, chairman of MG Developments, reviews the group’s expansion plan in the real estate sector. The expansion strategy that the company is targeting during the coming period will witness the launch of other projects in several different destinations, such as West and East Cairo, New Alamein, and the New Administrative Capital.
Metawee emphasises the success achieved by the group during the past years and the sectors that it entered, such as administrative, commercial, tourism and residential, through the delivery of the Lavida compound and three phases of the BlueBlue Ain Sokhna project.
Metawee pointed out that the company’s philosophy is based on the good choice of destinations and distinguished sites to launch and implement its projects and the unique advantages that characterise these sites, which certainly achieve a good return on the investment, adding that the ProMark and The Mark are a practical example of this Philosophy.
Aya El-Shenawy, Director of commercial sector at MG Developments adds, “Today, we are proud to launch two projects that are the first of our projects in the New Administrative Capital, with initial investments estimated at LE1.550b, namely the ProMark project, which is held in the government district and banks, and The Mark project, which is being held in the Downtown area.”
El-Shenawy states that the ProMark project is being built on an area of 8,836 sqm and with a building area of 25,000 sqm with 2 garage floors of 10,000 sqm. She emphasises that the company already started the implementation of the project with a completion rate of 30% of the project before announcing it for sale, to confirm the strength and durability of its financial position and its ability to complete the project on the specified dates.
El-Shenawy reviews The Mark project, which is commercial, administrative and hotel housing, built on an area of 3,144 sqm and with a building area of 1, 000 sqm divided into 11 floors in addition to 3 floors of a garage.
El-Shenawy added that MG has been hired, the office of (Design & Study Of Construction – DSC International) and Prof. Dr Nabil Harazi as a general consultant for the projects.