Ibrahim Zahran, general manager of Mardev Developments, said that his company is implementing Menorca Residence project in the New Administrative Capital with investments of EGP 2bn.
Zahran added that the project is built on 17.5 feddan and comprises of 17 buildings with a building rate of 19%. The units’ spaces range between 115 and 254 sqm, with prices ranging between EGP 8,000 and EGP 12,000 per square metre.
He pointed out that 15% of the project has been marketed since its launch in May. It includes three phases, and the company plans to deliver the project in 2022.
Additionally, Menorca owns two commercial malls in the New Capital’s Asgard Mall and Sky Light Mall.
“The company has received the project’s land and the ministerial approval for the project’s development is underway,” he elaborated, revealing that the the company’s total investments since its inception in the market amounted to approximately EGP 36bn.