Marseilia Group is aiming to direct EGP 20bn investments to projects in Cairo, Alexandria, and the North Coast, according to Sherif Helew, chairperson of the group.
Helew told Daily News Egypt that his company submitted a request, three weeks ago, to the Administrative Capital for Urban Development to acquire 100 feddans in the New Administrative Capital to launch a residential project and is awaiting approval.
He noted that the company is keen on diversifying the its investments, which is one of its top priorities during the coming period.
He stressed the strength of the local real estate market and its ability to face any challenges, especially as it depends on real demand based on a growing population.
He pointed out that if fuel prices increase, real estate companies will raise prices of units. Once that happens, he said, companies will continue to play their role in supporting customers, through providing long instalment periods and reduced down payments.
He explained that average natural price increases in the market range between 15% and 20%, but said, “we cannot predict the rate of increase,” pointing out that the market cannot afford higher prices.
“The company aims to participate in a number of foreign exhibitions during the coming period in Kuwait, Saudi Arabia, and the UAE, where there is high purchasing power, whether from Egyptians expatriates or Arab Gulf customers,” said Helew.
The company is developing a mixed-use project in Nasr City, in east Cairo, which is the first major Egyptian-Emirati partnership in 2018, with investments exceeding EGP 10bn.
Moreover, the company is studying launching a tourism project, in cooperation with the government of Jordan, on 10 feddans in the Dead Sea in Jordan. Furthermore, the company is targeting launching a tourism project in the North Coast, in collaboration with one of the real estate developers, on 250 feddans. Marseilia Group is also seeking a partnership with the New Urban Communities Authority.
Helew revealed that the company is studying other investment opportunities in different areas of Egypt, such as New Alamein, New Mansoura, and Upper Egypt.
