Egypt: Morshedy Group acquires iconic Zamalek Tower in $15mln deal
This strategic acquisition aligns with Morshedy Group's expansion plans, furthering its commitment to high-end developments while supporting the state's initiative to increase hotel capacity. As part of the deal, the group has also secured an adjacent 4,000 sqm plot, which will be transformed into a modern parking facility to enhance accessibility for the tower's future residents and visitors.
Nour Morshedy, CEO of Morshedy Group, emphasized that the redevelopment of the tower will not only elevate Zamalek's real estate landscape but also preserve the area's natural beauty. She revealed that the company plans to convert the 50-story tower into a luxury mixed-use development, featuring both high-end residential units and a premium hotel.
Founded in 1983 by Mohamed Morshedy, the group has established itself as a key player in the real estate sector, known for its innovative and distinctive architectural designs. With a portfolio of over 21 projects and a client base exceeding 80,000, Morshedy Group continues to expand its footprint in Egypt's property market.
Wael Saada, Chairperson of Morshedy Group, highlighted the company's ongoing developments, including Skyline, designed by renowned Egyptian architect Raef Fahmy in collaboration with VDP Studio (Spain) and world-famous architect Mohamed Hadid. Set to be the world's largest residential building, Skyline spans approximately 200,000 sqm near the Ring Road and the Katameya-Ain Sokhna Road.
In addition, the group is actively developing One Katameya, a mixed-use complex featuring eight administrative and commercial buildings alongside 30 residential buildings, offering a total of 3,966 housing units. Another major project, Zahra, is currently underway in New Alamein City, further solidifying Morshedy Group's position as a leader in Egypt's real estate sector.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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