M Squared Targets Up to EGP 8 Billion in 2027 Sales as Construction Spending Accelerates
Egyptian real estate developer M Squared is targeting contractual sales of between EGP 7.5 billion and EGP 8 billion in 2027, up from around EGP 5 billion targeted this year, as the company prepares to increase construction spending across its portfolio.
Karim Malash, Chairman and CEO of M Squared, said the developer plans to direct around EGP 3.5 billion toward construction works across its various projects, placing execution and delivery at the center of its next growth phase.
The strategy reflects a wider shift in Egypt’s property market, where developers are under growing pressure to convert strong sales pipelines into visible construction progress and completed units.
For M Squared, that means trying to narrow the gap between contracted sales and execution — a challenge Malash has previously identified as one of the major issues facing the sector. Earlier this year, the company said it was prepared to raise construction investment as sales improved, linking new bookings more directly with implementation on the ground.
Masyaf takes a large share of the investment
One of the biggest areas of spending is Masyaf Ras Alhekma on Egypt’s North Coast.
M Squared plans to invest up to EGP 2.5 billion in construction at Masyaf during 2027, while total planned spending on the development over the next three to five years stands at around EGP 8 billion.
Construction at Masyaf is currently around 41% complete, with work already under way on the second phase. The project comprises around 1,546 units, with 160 units delivered so far and another 347 scheduled for delivery by the end of 2027.
The company has also brought in REDCON Construction as a major construction partner for part of the project, covering 347 units with an investment value of around EGP 1 billion.
That partnership is part of a broader push to accelerate delivery rather than rely on sales growth alone.
Expansion beyond the North Coast
M Squared is also looking for new land opportunities.
Malash said the company is negotiating for a 150- to 300-feddan site on the North Coast through a partnership model, while simultaneously studying new investment opportunities in both East and West Cairo.
The developer’s existing portfolio includes Masyaf Ras Alhekma, 31WEST, MIST, TRIO and 41 Business District, spanning the North Coast, New Cairo and 6th of October City. As of January 2026, the company had completed around 1,300 units and had approximately 4,000 units under construction.
M Squared is the real estate development arm of Intro Holding and was established in 2012.
Sales growth is becoming tied to delivery capacity
The company’s 2027 target represents a meaningful step up from the EGP 5 billion it expects to record this year.
But the more important part of the plan may be the EGP 3.5 billion earmarked for construction.
Egyptian developers have spent much of the past few years operating in a market defined by rising construction costs, volatile input prices and heavy demand for off-plan property. That has made execution speed and delivery credibility increasingly important to buyers.
M Squared appears to be responding by tying its growth ambitions more closely to capital deployment on site.
The company still wants to expand sales, acquire new land and launch new projects, but its next phase will be judged just as much by how quickly those contracted units turn into completed buildings.
For 2027, the target is therefore not simply EGP 8 billion in sales. It is whether M Squared can match that growth with enough construction spending to keep delivery moving at the same pace.