Chairperson of MG Developments Mohamed Motawea stated that the company aims for contract sales of EGP 3bn across its projects in the upcoming year. It has achieved EGP 1.2bn in sales during 2024.
Motawea added that the company plans to launch several new projects in Ain Sokhna and New Cairo, offering a mix of residential, commercial, administrative, and serviced units.
He revealed that MG plans to introduce two new projects in Ain Sokhna by the first quarter of 2025, highlighting the region’s strong demand from investors and customers, especially as it operates year-round.
He said that the first project is an integrated urban development, with the land acquired from a subsidiary of Nile Sun with total investments estimated at EGP 1.5bn.
He added that the company plans to announce and launch the project during the second quarter (Q2) of next year, with all project details to be disclosed once the necessary procedures are completed.
He also mentioned the second project, La Cabana, will feature a number of beach cabins. The project will cover an area of 42,600 sqm and will include cabins with hotel services directly overlooking the sea.
Motawea noted that the project is scheduled to be completed over a span of three years, with the first phase expected to be delivered within a year and a half.
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