An investment alliance that includes Mercon for Real Estate Development, in cooperation with businessman Mohamed Zaki, chairman of British Automotive, is preparing to launch the “Noor” project in New Cairo for 10 billion Egyptian pounds.
Project Details
- Mercon is located on a 16-acre plot of land in New Cairo.
- The project will consist of 16 residential buildings, including 350 residential, commercial, and administrative units.
- A luxury hotel will also be constructed at a cost of 2 billion Egyptian pounds.
- The total expected sales from the project are 14 billion Egyptian pounds.
Financial Breakdown
- 40% of the project’s investment cost will be used to pay for the land.
- 2 billion Egyptian pounds will be invested in the construction of the luxury hotel.
- The remaining 6 billion Egyptian pounds will be used to finance the construction of the residential, commercial, and administrative units.
Construction Timeline
- Mercon will be constructed in four phases.
- 800 million Egyptian pounds will be pumped into the project to ensure that it is completed on time, which is expected to be within four years.
Marketing and Sales
- The company aims to achieve sales of 3 billion Egyptian pounds from the project during 2024.
- The company will focus on marketing the project locally to customers interested in acquiring luxury units in a prime location in the Golden Square area of New Cairo.
Other Projects
- Mercon owns three other projects in New Cairo, ranging from residential to commercial.
- One of these projects is also in partnership with Mohamed Zaki; details will be revealed later this year.
- The company has a land portfolio of around 100 acres in New Cairo and the Administrative Capital.
- The company has implemented several projects, including “Mall G7” in the Fifth Settlement and “Bavo Tower” in the Administrative Capital.
- The company is strongly considering entering the North West Coast during the current year with an integrated project.
- The company intends to pump 1.2 billion Egyptian pounds into construction work on all its projects this year.
Read Also: Palm Hills is developing a tourist project in collaboration with Cleopatra near Ras Al-Hikma
