Master Builders Group (MBG) celebrated Saturday launching its new project “Pukka” in the New Administrative Capital for sale of its first phase, which includes 1,500 units, with prices ranging from EGP 9,000 to EGP 11,000 per sqm.
Pukka is the company’s newest project in the new capital. The project is built on 40 feddans. It consists of 50 buildings and 1,500 units.
Daily News Egypt sat down with Mahmoud Al Adl, chairperson of Master Builders Group, to talk about the project’s details and the company’s business plan.
What are the details of the Pukka project in the New Administrative Capital?
The company is one of the companies that won land from the New Administrative Capital Company to develop projects in the New Administrative Capital. Furthermore, the company has acquired the ministerial approval for project implementation.
The project is on 50 feedans; 10 of them are specified for the roads and it is located in the heart of the capital, close to at the new Nativity of Christ Cathedral. The construction area of the project represents 22.5% of the total project’s size and the rest of the space, 77.5%, is allocated for green areas, landscape, squares, and a commercial mall.
The project includes 50 buildings with sizes ranging between 800 and 900 sqm and consists of eight floors.
The mall will be built on 11% of the project’s size to serve all the residents in the project and surrounding areas, on 6,000 sqm, compromising three floors. This area will also include commercial, administrative, and medical activities.
What is the value of the investment cost for the project?
The investment cost reaches approximately EGP 4bn, which will be distributed over the four phases of the project, which will be developed over four years. Therefore, the company will develop a phase each year of the project’s lifespan. It includes 1,500 units.
What are the sizes of units in the project?
We have different sizes of units. The small sizes start from 112 sqm, to 140 sqm, 160 sqm, while the other larger sizes start from 180 sqm, 190 sqm, 215 sqm, to 230 sqm.
What is the price per square metre?
The price of a square metre ranges between EGP 9,000 and EGP 11,000, depending on the location and size of the unit.
What is the scheduled period for marketing the first phase of the project?
We will complete marketing of the first phase within three months. We offer a payment plan with a 10% down payment and installments over seven years.
What is the construction status of the project?
The company began to work on project drawings and measurements, and to study soil and boring works. However, in the first year of the project, we will start small construction works of the first 5% of the project until we collect sufficient amount of sales to start the implementation process.
What are the targeted sales of the project?
The company targets achieving EGP 5bn in sales.
What are the distinctive activities that the company will provide in its project in the New Administrative Capital?
What makes Pukka unique is the prime location, green areas, event lounge, swimming pools, clubhouse, solar system panels, pet care service, premium mall, health club, spa, and a food court.
What is the source of project funding?
The project is self-financed by the shareholders, who are investors, and also the sales of the project.
What other projects is the company developing?
We are developing several residential villages in the cities of Damietta, Mansoura, and Ras El Bar. In Ras El Bar, we have three villages: Sunset Festival, Sunset El Nakheel, and Sunset Gardens. In Mansoura, we have Al Oula City on 27,000 sqm and World Trade Centre on an area of 20,000sqm, in addition to the International Medical Centre on an area of 10,000 sqm consisting of specialised medical centres on the Nile in Mansoura city.
What is the company’s expansion plan?
I believe that the future of real estate investment is in the New Administrative Capital. From my experience, I see that all investors and clients have an eye on the capital and I think investment in the capital will last for more than 100 years.
Therefore, we plan to expand in the capital to achieve and develop more projects. Moreover, we have a plot of land in the capital on 42 feddans to launch our “Capital View” residential project.
We will start preparing for the project within a month.
Moreover, the Ministry of Health is planning to establish an integrated medical city in Egypt’s New Administrative Capital. Therefore, we plan to apply for acquiring land on 10 feedans for implementing a rehabilitation centre for disabled people, as well as for physical therapy and treatment of stadium injuries, besides clinics for sports medicine.
The price of a square metre at the medical city starts at EGP 4,500 and the construction area represents 30% of the project.