Porto Group will spend some EGP 20 bn at three new residential projects
Porto Group will spend some 20 billion Egyptian pounds at three new residential projects, Golf Porto Cairo, Porto Assiut and Porto Agadir, as part of the company’s restructuring plan launched last November, Chairman Gamal Fathalla said at a press conference.
The 4.5 billion Egyptian pounds Porto Assiut development will be completed over six years, with the first phase slated for completion within three years, he added.
Porto Group plans spending of 1.3 billion pounds on its pipeline of projects this year, Vice Chairman Ayman Bin Mokhtar Khalifa said at the same event, without specifying where the funds would be allocated.
He pointed out that construction works are continuing on the Porto Assiut project, specifically in the first phase, which will be developed within three years.
The Golf Porto Cairo project is situated on 151 feddans within the fourth phase of Mostakbal City, directly on the Al-Amal Road and close to the New Administrative Capital (NAC) and Madinaty.
The project encompasses 3,000 residential units and 500 villas in addition to international restaurants, an international school, a nursery, a mosque and administrative offices.
He elaborated that the company is working according to its internal development plan to restructure all departments parallel with continuing work on its projects.
This is aimed at fulfilling its contracts with its customers, with Fathallah stressing that the company has an ambitious investment plan that maintains its leadership in the real estate sector during the coming period.
“The total number of units that the company has sold out to customers so far exceeds 10,000 units, with a total value of nearby EGP 13bn, and more than 7,000 of them have been delivered so far,” he said, “Additionally, the company plans to deliver approximately 3,500 other units this year.”
