The construction work on the Menorca Residence project in the New Administrative Capital (NAC) has begun. This is according to the project’s developer Mardev Developments, which is a subsidiary of Mardev Group, a real estate investment, contracting, and urban development company.

The development is particularly situated on an outstanding place on the R8 zone in front of central park on a space of 39.91 acres and just a couple of minutes from the Embassies District, Green River, Main Roads Network, Money & Business District, and Governmental District in the administrative capital.

According to Zohdy Zahran the project developer Chairperson, the project is built on a space of 17.64 acres with a residential area that includes 738 residential units of different sizes starting from 115m2 to 277m2.  The residential area only covers around 19.5 % of the space. The remaining land he says is set aside for development of greenery area, lakes, swimming pool, kids’ area, a 127 unit commercial part represented by the 8,800 square meters Mardev Plaza commercial mall, and other related facilities.

The total cost of the project is approximately EGP 1.5bn

Owning property in the Menorca Residence

According to Zahran 40% of the Menorca Residence project has been marketed, with 50% of the compound’s sales expected by the end of this current year. The company has set aside different payment methods, starting from a period of 5 years to 10 years.

Besides the Menorca Residence, Mardev Developments owns two other projects in the R7 zone of the NAC, including the 3,000 sqm Mall Light Sky that includes a total of 83 commercial units, 60% of which has been sold out.

The second project, Asgard Mall, contains 70 commercial units and spans over 2,000 sqm, with 70% of the total project marketed.