MNHD, CONSTEC ink MoU for construction of two new projects in Sarai
Updated 2/19/2023 11:22:00 AM
Arab Finance: Madinet Nasr for Housing and Development (MNHD) has signed a memorandum of understanding (MoU) with CONSTEC Construction and Design for the construction works of two projects at Sarai in New Cairo, according to a press release on February 19th.
Under the signed MoU, the construction works of the two projects, namely The Arena Mall and Cavana, will be carried out at a value of more than EGP 500 million.
The MoU was signed by Abdallah Sallam, President and CEO of MNHD, and Alaa Abdelaziz, President and CEO of CONSTEC.
The Arena Mall features the commercial component of the project, with a built-up area (BUA) of about 8,000 square meters, and is expected to be delivered within 12 months upon breaking ground.
Meanwhile, Cavana is a residential project, with a total number of 215 units varying from standalone villas to twin houses and townhouses on a built-up area of 75,500 square meters. Cavana is scheduled to be handed over within 20 months from the date of work commencement.
The mixed-use Sarai project is located on the Cairo-Suez Road and Al Amal axis on an area of 5.5 million square meters. It combines a vibrant modern lifestyle with the tranquility that characterizes the suburbs.
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