Madinet Masr, Misr Al-Gadida for Housing & Development sign co-development project in New Heliopolis City
Madinet Masr, a prominent Egyptian real estate developer, has recently announced a significant co-development project in New Heliopolis City. This collaboration is with Misr Al-Gadida for Housing and Development, represented by Sameh Al Sayed, the Managing Director and CEO. The project covers an expansive area of 491 feddans and aims to provide a diverse range of residential units, including luxury apartments, standalone villas, townhouses, and commercial spaces. By addressing the evolving needs of the real estate market, this project contributes to creating advanced and sustainable communities.
The partnership involves two land plots, totaling 491 feddans. The first plot spans 245.1 feddans, while the second covers 246.31 feddans. Over 12 years, the project is projected to generate a total revenue estimated at EGP 194.67 billion, with Madinet Masr’s participation rate set at 63.5%. As part of the agreement, Madinet Masr has already made an initial contract payment of EGP 1.1 billion upon signing. This strategic initiative aligns with Madinet Masr’s expansion strategy, aiming to enhance its land portfolio and strengthen its presence in East Cairo—an attractive real estate destination within Egypt.
Abdallah Sallam, President and CEO of Madinet Masr, emphasised the company’s commitment to delivering high-quality real estate products that meet customer needs and exceed expectations.
He stated: “Our expansion into pioneering projects underscores our dedication to luxury residential units in modern communities across East Cairo.” Sallam also expressed satisfaction in collaborating with Misr Al-Gadida for Housing and Development, a partner renowned for its legacy and innovative project portfolio. This partnership represents a significant milestone in Egypt’s sustainable urban development, creating an appealing destination for discerning homebuyers.
The project’s strategic location in the heart of New Heliopolis provides direct access to Cairo-Ismailia Road (to the north) and Cairo-Suez Road (to the south). It is bordered by Madinaty (to the south), Al-Shorouk City (to the west), and New Badr City (to the east).