Egypt-listed real estate developer Madinet Masr announced on Wednesday the launch of Sheya, their latest project spanning an area of 228,212 square metres (sqm) within the flagship ‘Sarai' master plan.

Sheya comprises a total of 744 residential units, including 420 S-villas and 324 apartments and is scheduled to be fully completed within four years, the developer said in a press statement.

The statement didn't disclose project costs but said it has achieved total sales of 5.1 billion Egyptian pounds ($107 million).

The project forms part of the company’s ambitious strategy to develop its land portfolio that encompasses over 9 million sqm, according to Abdallah Sallam, Madinet Masr’s President and CEO. Mohamed Lashien, Senior Vice President Products added that Sheya’s prime location, unique design and diverse recreational services makes it a landmark project in Egypt’s real estate sector.

The Sarai master plan spans over 5.5 million sqm and is located along the Cairo-Suez Road and Al-Amal axis.

(1 US Dollar = 47.85 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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