Egypt's Madinet Masr announced on Monday the launch of Esse Residence,the latest phase within its flagship Sarai project at a total investment of 10 billion Egyptian pounds (approximately $207 million)

The EGX-listed developer said in a press statement that Esse Residence spans an area of over 400,000 square metres (95 feddans) and features 1,804 units comprising villas, duplexes, lofts, apartments, and studios.

Construction is expected to be completed within four years, the statement said, adding that the developer is targeting a revenue of EGP 18.2 billion (approximately $376 million) from the project.

Sarai is a mixed-use development by Madinet Masr spanning over 5.5 million sqm.

(1 US Dollar = 48.38 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)

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