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Egypt’s Margins Developments plans to deliver its newly launched Lusail Residence project in New Cairo in four years, the company’s Chairman said.
The 15 billion Egyptian pounds ($295 million) project, spanning 35 acres, includes residential units, serviced apartments, and a hotel, Mohamed ALaasar told Zawya Projects.
He said the project’s built-up area is limited to percent of the total land area with green spaces, lakes and leisure facilities occupying the remaining area.
Sites International is the lead consultant for Lusail Residence, he disclosed.
ALaasar said the project is designed to be sustainable by lowering temperatures during summer and retaining natural cooling during winter to reduce the overall energy costs.
Project under construction in Egypt include ZIA Business Complex, Oaks project including a Minor hotel in the New Administrative Capital and Sheraton Residences project in Mostakbal City.
Alaasar said that they are planning to venture into Saudi Arabia in the coming period but didn’t elaborate.
(1 US Dollar = 50.89 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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