Marseilia Almasreia Alkhalegeya Real Estate Investment announced that the investment cost of Cascadia project located in the North Coast amounted to EGP 3.5 billion.
The selling value of the project, which features 1,500 residential units, is estimated at EGP 5 billion, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.
The real estate developer has generated sales of EGP 500 million from the project to date, the statement added.
Spanning over 40 feddans, the project is 74% owned by Marseilia, while the remaining 26% is owned by the land owner, the company noted.
Previously, the company inked an agreement with Saudi Arabia’s Elaj Medical Services Company to operate the largest international medical centre in the North Coast over an area of five feddans, the company’s assistant chairman for commercial affairs Maisara Ahmed told Mubasher.
It is worth to mention that during the first half of 2019, Marseilia’s net profits rose to EGP 3.31 million, compared to EGP 1.16 million in the year-ago period.