Cairo, Egypt – May 5, 2024 – Mercon Developments, a leading real estate company, announced the launch of its latest project, “Nurai,” situated on 16 acres in a prime location in the Lotus area at Golden Square, the heart of New Cairo. This project marks a significant milestone for the company, reflecting its commitment to delivering innovative real estate concepts tailored to meet the evolving needs of the Egyptian market.
“Nurai” represents a breakthrough in the concept of integrated urban communities, showcasing unique and distinctive designs never seen before in the Egyptian real estate market. With a total investment of approximately 10 billion EGP, the project comprises 350 units, aiming to achieve targeted sales of around 3 billion EGP by 2024. The built-up area includes 80% of the total project size.
Commenting on the project, Eng. Ahmed Embaby, Chairman of Mercon Developments, expressed his utmost satisfaction, stating that “Nurai” will stand as a distinctive architectural masterpiece in the Fifth Settlement. He affirmed the company’s confidence that this project will further solidify Mercon’s position as a market leader, catering to customers’ desires for luxurious and high-quality units. With a mixed-use residential and commercial development, the project features dedicated spaces for sports, cycling tracks, swimming pools, and water features, alongside commercial zones, recreational facilities, picturesque landscapes, luxurious entrances, and advanced security systems, as well as hotel units boasting modern designs that blend sophistication with luxury.
Embaby further elaborated that “Nurai” will be executed in four phases, with construction set to commence in the coming days. The company has allocated 800 million EGP towards construction to ensure timely delivery of the project within four years, as scheduled, without any delays.
He highlighted Mercon Developments’ unique vision, rooted in innovation, continuous work, and seizing diverse investment opportunities to meet customer aspirations. The company aims to deliver unparalleled real estate products that cater to client needs while staying abreast of global market trends. From the project’s inception, the company has adopted a strategy focused on meticulous planning and continuous market research to introduce a distinct product. Additionally, the collaboration with renowned engineering consultants, led by Eng. Omar Okail, adds further value to the project, as his visionary designs breathe life into the compound, with every unit boasting exceptional views, luxurious natural ventilation, and unique natural lighting, creating an environmental balance that emphasizes the company’s commitment to sustainability.
Moreover, the company has partnered with expert entities and technical experiences in the sector, such as Inversion for management and project development, to oversee the project, ensuring the delivery of the best living experience for customers. Inversion brings over 25 years of experience in project management and development, adding significant value to the project.
Kamel Ibrahim, CDO of Inversion for management and project development, emphasized that their collaboration with Mercon Developments adds significant value, considering Mercon as one of the promising companies in the real estate development sector, rapidly emerging to compete with major players and aiming to be among them. This places more responsibilities to deliver new offerings in the Egyptian real estate market, especially as the Nurai project boasts more contemporary designs. Mercon is one of the few companies that consistently seeks to establish a presence in high-appeal investment areas and target specific customer segments. Inversion possesses extensive young expertise spanning over 25 years in project management and development. Inversion currently oversees more than 35 projects distributed across various areas, including the Fifth Settlement, the New Administrative Capital, West Cairo, the Northwest Coast, Ras Sedr, and the Future City. These projects are owned by over 20 companies operating in the Egyptian market, all of which have a good reputation, with total sales exceeding 100 billion pounds.
Additionally, Mohamed Zaki, Chairman of British Automotive, partner in the Nurai project, expressed his utmost satisfaction with the partnership, confirming that the project, situated in one of the most distinguished locations in the Fifth Settlement, offers new and unique services in this attractive area, making it a real destination for investors. He is delighted to enter the real estate investment sector, considered one of the most stable sectors with significant growth potential.
“Nurai” is part of Mercon Developments’ expansive plan in the Egyptian market, aligning with the company’s strategy of selecting prime locations to enhance project success. The company is committed to sustainability and upholding social and environmental responsibility, using eco-friendly building materials and designs based on renewable energy. This reflects our vision of delivering integrated urban communities that meet housing needs and contribute to Egypt’s urban and economic development.
Mercon Developments stands as a promising entity in the Egyptian real estate market, having delivered over 70 successful projects, including Mall G7 in the Fifth Settlement, Pavo Tower in the New Administrative Capital, and its participation in numerous major national projects, such as the Government District in the New Administrative Capital, Dubai Port in Alexandria Governorate, Iconic Tower in the New Administrative Capital, Grand Gates in the New Administrative Capital, and CBD Towers in the Chinese Embassy District, alongside other national mega-projects such as the establishment of a monorail and the New Administrative Capital transport station, among others.
