One of the Middle East’s biggest real estate developers is expanding its Egyptian adventure with a new luxury township project.
Emaar Misr, subsidiary of Emaar Properties, has announced the “world-class” Mivida community, a villa and apartment homes scheme.
Based in New Cairo City, the vast real estate project will feature 5,000 homes in total and will also have healthcare facilities, schools, businesses and retail.
Covering 3.8 sq miles, homes in the scheme will feature interior design choices, with villas starting at 230 sq mt.
Executives said off plan sales of homes at Mivida would start “shortly” with construction work already under way on a business park section of the site.
Sameh Muhtadi, chief executive officer of Emaar Misr, said: “The launch of Mivida underscores our long-term commitment and confidence in the real estate market in Egypt.
“We strongly believe that the fundamentals of the market are robust and continue to present an attractive investment opportunity for both the local and the international markets.”
Emaar Misr is one of the largest foreign direct investors in Egypt’s real estate sector, currently one of the strongest in Africa.
Mivida is Emaar Misr’s third integrated project in Egypt following Uptown Cairo and Marassi, both of which are currently being developed on schedule.
The company is thought to be planning further brand new real estate schemes through 2009, despite recently announcing it had made a loss in the fourth quarter of 2008.
No related posts.
