By: Abdullah Bedeir
Cairo – Mubasher: Marseilia Almasreia Alkhalegeya Real Estate Investment generated sales of about EGP 150 million from its Golden Yard project in the New Administrative Capital within a month.
The real estate firm achieved 25% of its target sales of the first phase of the residential project, the company’s assistant chairman for commercial affairs Maisara Ahmed told Mubasher.
By the end of 2019, Marseilia plans to achieve sales of EGP 1 billion from the project set to be delivered within three years, Ahmed added.
Jumeirah Real Estate Investment has been contracted to construct Golden Yard project in the new capital, he revealed.
Since the beginning of 2019, the real estate company has achieved sales of EGP 900 million, Ahmed noted.
Spanning over 42 feddans, the project will be established by Marseilia in partnership with Misr for Investment and Urban Development, with revenue shares of 64% and 36%, respectively.
Marseilia aims to achieve sales of EGP 5 billion from the project after being completely sold.
During the first quarter of 2019, the real estate firm logged a net profit of EGP 1.433 million, compared to EGP 1.039 million in the year-ago period.
Sales grew to EGP 140 million in Q1-19 from EGP 61.2 million in Q1-18.
Translated by: Zeinab Adel
