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Egyptian real estate developer Mabany Idris unveiled a new phase in its 7 billion Egyptian pounds ($148 milion) Koun project, currently under construction on the North Coast's Ras El Hekma.
Chairman Mohamed Idris revealed details of the expansion to Zawya Projects, stating the phase includes 593 units, encompassing a mix of apartments and villas.
Koun, designed by IEL (Ismail El Habrouk) Architects, covers a total area of 447.657.5 square metres and will contain over 1,500 residential units upon completion.
Idris said that the project is expected to generate EGP12 billion ($254 million) in sales with deliveries starting by 2027.
He further noted the allocation of EGP 1 billion ($21 million) for Koun’s construction work in 2024.
Idris said the company holds ambitious plans to invest EGP 15 billion ($318 million) within the Egyptian market over the next three years. This includes a new residential project in Assiut governorate and another in East Cairo. Additionally, the company is exploring potential development sites in New Zayed and New Sphinx cities.
Regarding financing solutions, Idris explained, "We primarily rely on self-financing, but have recently incorporated other options such as securitisation. Additionally, a long-term financing agreement has been established with the National Bank of Egypt, alongside a cooperation protocol enabling us to secure further financing from the bank if needed."
Mabany Idris portfolio comprises more than 12 residential, commercial, and mixed-use projects across West Cairo and Upper Egypt.
(1 US Dollar = 47.21 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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