Madinet Masr, the real estate developer led by Egyptian mogul Abdallah Sallam, has announced the debut of its latest luxury project, “Butterfly,” in Mostakbal City. This new building, spearheaded by the company’s Minka building unit, is poised to transform the premium real estate market with its emphasis on innovative design and ecological living.
The Butterfly project, which covers 187 feddans along the Al-Amal Axis, is expected to earn EGP 64 billion ($1.32 billion) in revenue. Madinet Masr developed the proposal, which strives to combine luxury and sustainability. Butterfly, located near vital places such as the New Administrative Capital, Shorouk, and New Heliopolis, provides convenience and high-end living with additional security features.
The property is inspired by Mediterranean design and contains S Villas (238 sqm), townhouses (245-256 sqm), and independent villas (175-240 sqm). It has green grounds and water elements, which contribute to its peaceful atmosphere. The design is reminiscent of butterfly wings, with large expanses of greenery and water. A substantial commercial district with a 729-meter frontage on the Al-Amal Axis will feature luxury shopping and eating.
Abdallah Sallam, president and CEO of Madinet Masr, stated, “The Butterfly project is a significant milestone in our expansion plans and our first investment in Mostakbal City.” Our goal is to combine luxury and sustainability, using eco-friendly materials and cutting-edge technologies to reduce energy and water use.”
Under the leadership of Abdallah Sallam, Madinet Masr has grown from a Nasr City-focused real estate firm to a diversified leader in the Egyptian real estate market since its inception in 1959. Sallam, who holds a 5% stake, also formed Minka Development, which is important to the company’s activities.
Madinet Masr experienced tremendous financial growth under Sallam’s tenure. In the first half of 2024, net profits increased 149.4 percent to EGP1.45 billion ($29.54 million), up from EGP584.7 million ($11.91 million) the previous year. Revenues increased 95.8 percent year on year to EGP4.3 billion ($87.57 million).
Madinet Masr has also just inked a $13 million Memorandum of Understanding (MOU) with Smart Construction and Development (SCAD) for the Sarai project in New Cairo, solidifying its position in the regional real estate market.