Sherif Heliw Marseilia Group chairman
Marseilia to launch new residential tourism project in North Coast
The new project in North Coast will be implemented with estimated investments of about EGP 2.5bn.
Marseilia is planning to complete Marseilia Beach 4 project in Sidi Abdel Rahman, North Coast by 2021.
Marseilia Group is aiming to direct EGP 20bn investments to projects in Cairo, Alexandria, and the North Coast.
Marseilia Group plans to implement a new residential tourism project in North Coast on an area of 100 acres, according to Sherif Heliw, chairman of the group.
Heliw told Realty Catalogue that the company is aiming for a partnership with the land owner with investments of about EGP 2.5bn.
Heliw added, “Moreover, the company is planning to complete Marseilia Beach 4 project in Sidi Abdel Rahman, North Coast by 2021.”
Heliw pointed out that the company is developing Marseilia Beach 4 project, which is located on an area of 140 acres and includes about 2000 units. The project is being implemented on three executive phases. The first and second phases of the project are being implemented with investments of EGP 1.5bn. The first phase of the project, which includes 800 units, was fully delivered, while the company is approaching the Sales of about 70% of second phase.
The second phase includes about 800 units on 65 acres with expectations to compete its sales and development within two years.
He said that his company has launched phase three, which includes 400 units of various sizes.
“Marseilia Group is executing a commercial residential project in the governorate of Alexandria with initial investments of EGP1.3bn, spread over an area of 30000 sqm,” Heliw revealed. “Residential part of the project will include 1,000 housing units, which will be implemented within three phases.”
Heliw explained that the company aims to achieve revenues of EGP 3bn from the project.
He stated that his company is studying available investment opportunities in the entire real estate market, although it is more focused on the Nile Delta region, which is an important investment destination due to the availability of high purchasing power and higher demand than supply, due to real estate companies’ focus on the new cities surrounding Cairo.
Heliw announced that Marseilia Group is aiming to direct EGP 20bn investments to projects in Cairo, Alexandria, and the North Coast.
He pointed out that his company submitted a request last month to the Administrative Capital for Urban Development to acquire 100 acres in the New Administrative Capital to launch a residential project and is awaiting approval.
He noted that the company is keen on diversifying its investments, which is one of its top priorities during the coming period.
He stressed on 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 after fuel prices increase; real estate companies will raise prices of units. However , companies would continue to play their role in supporting customers, through providing long installment periods and reduced down payments.
He explained that average natural price increased in the market range between 15% and 20%, 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 Heliw.
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 estimated investments exceeding EGP 10bn.
In early January, Marseilia has signed a memorandum of understanding (MoU) with the UAE based Amlak Finance PJSC to develop an urban project in Nasr City, Cairo.
The MoU involves the development of a comprehensive urban project on a land plot owned by Amlak Finance PJSC in Nasr city. The agreement is between Amlak Finance’s Madinet Nasr for Housing and Development – a wholly owned Egyptian Company, and a subsidiary of Amlak, and Marseilia Egyptian Gulf for Real Estate Investment, one of Marseilia Group companies.
The agreement comes under the sponsorship of the National Bank of Egypt’s Dubai International Financial Centre (NBE – DIFC).
The project is located on Al Nasr Street and in front of Al Ahly club and will be developed over 42,676 sqm.
Heliw stated that the project aims to support community development by creating 10, 000 job opportunities for Egyptian youth throughout the next five years which is the implementing period of the project .
“Moreover, the company is studying launching a tourism project, in cooperation with the government of Jordan, on 10 acres 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 acres. Marseilia Group is also seeking a partnership with the New Urban Communities Authority,” he noted. “Moreover, the company is studying other investment opportunities in different areas of Egypt, such as New Alamein, New Mansoura, and Upper Egypt.”
He stressed on the importance of exporting real estate in activating the sales of real estate companies, which is believed by his company. The company aims to participate in a number of foreign exhibitions during the coming period in countries of Kuwait, Saudi Arabia and the United Arab Emirates (UAE), where there is a large purchasing power by Egyptians expatriates or Arab people.