Madinet Nasr for Housing and Development (Egyptian Stock Exchange Code MNHD.CA) – a leading real estate development company in Egypt, announced today the signing of a Memorandum of Understanding (MoU) with CONSTEC Construction and Design – a leading Egyptian joint stock company specialized in the field of construction- to carry out construction works worth more than half a billion EGP. for “The Arena Mall” and “Cavana” projects located at Sarai in New Cairo.
The MoU was signed by Eng. Abdallah Sallam, President, and CEO of MNHD and Eng. Alaa Abdelaziz, President, and CEO of CONSTEC in the attendance of the leadership team from both entities.
CONSTEC will be responsible for executing the construction works of two projects in Sarai in New Cairo, strategically located a few minutes away from the New Administrative Capital. The first project is The Arena Mall which composes the commercial element in the project with a built-up area of approximately 8,000 sqm. The Arena Mall is expected to be delivered within 12 months upon breaking ground.
The second project is “Cavana” residential project which includes 215 villas on a built-up area of approximately 75,500 sqm varying from standalone villas to twin houses and townhouses. Cavana is expected to be delivered within 20 months upon breaking ground.
Commenting on the signing of the MoU, Eng. Abdallah Sallam, President and CEO of MNHD, said he was pleased with the cooperation with CONSTEC saying “This cooperation is another step in MNHD’s growth path as we aim to develop our land bank and maximize investment opportunities at one of our flagship projects, Sarai, leveraging on its unique design, all-inclusive commercial and entertainment facilities and the various types of residential units it offers. By teaming up with CONSTEC, we reiterate our commitment to collaborate with leading local companies in implementing our residential and non-residential projects catering to the different customer needs while ensuring the highest levels of safety and quality.”
For his part, Eng. Alaa Abdelaziz, President, and CEO of CONSTEC, commented on the partnership saying “Cooperating with MNHD reflects the confidence of top Egyptian real estate developers in the record of achievements CONSTEC has and a testament to our commitment to quality and delivery. We are proud to join forces with MNHD as one of the leading real estate developers that has a long history and legacy in the local market. This partnership aligns with our vision to constantly adopt the most innovative construction mechanisms to meet the demands of developers seeking unique and distinguished residential and commercial offerings.”
Sarai is a mixed-use development nestled directly on Cairo-Suez Road and Al Amal Axis on 5.5 million sqm of land. With a prime location in New Cairo that ensures accessibility and convenience, the project is 10 minutes away from the American University in Cairo Campus, 15 minutes away from the Ring Road, and only 5 minutes away from the New Administrative Capital. The project offers a perfect mix of urban to suburban exposure with a wide variety of spaces and units ranging from apartments to S-villas/ Town Houses among others set amidst a sprawling lush green landscape. The master plan of Sarai was developed by the internationally recognized architectural firm Benoy.
Established in 1989, CONSTEC for Construction & Design is an Egyptian joint stock company specializing in the field of construction with a portfolio of projects inside and outside Egypt. With a longstanding expertise in the field, the company provides an integrated scope of services for various sectors including residential, administrative, commercial, tourist, schools as well as infrastructure projects. The company aims to fulfill their promise of quality to meet the needs of its customers and the community depending on teamwork and optimal use of modern resources and technologies while preserving the environment.-
