Egypt: Real estate firm to develop $394m project
The project will be located in front of the New Administrative Capital and will be built over three phases
Egypt-based real estate firm, El Alameya for Development & Real Estate Investment, is set to develop a residential project on the Egypt-Suez road in New Cairo.
The project will have total investments worth $394m (EGP3.5bn), according to the company's chairman Karam Hamouda.
The development will be located in front of the New Administrative Capital and will be built over three phases, on 300 feddans of land.
The project will include residential building with varying sized apartments, villas, and a sports club.
Dubbed as "Compound Alalmeya", the project is scheduled to be completed by year 2020, Hamouda told local news agencies.
Half of the project's financing will be provided through a bank and the remaining half will be self-financed, Hamouda added.