Egics Development has launched Haven, its first project in the New Administrative Capital, at a total investment of 400 million Egyptian pounds ($21 million) in the Downtown area.

The 12-storey, 225-unit mixed-used project, over an area of 10,000 square metres (sqm), includes residential, administrative, commercial units and a 60-key hospitality component.

CEO Ehab Abul-Hadid told Zawya Projects that Yasser El-Beltagy Architects (YBA) is the engineering and architectural consultant, Sia is the marketing consultant and MRB is the facility manager for the project, which would be developed in two phases.

He said the company is awaiting government licenses to start construction, adding that the project would be delivered in four years from the start of construction.

Abul-Hadid said the company also operates in Oman, Sudan, Saudi Arabia, Uganda and the UAE.

“We are planning to develop a 200-acre real estate and entertainment project near Victoria Lake in Uganda," he disclosed.

In early June, the company had disclosed that intends to invest 450 million pounds ($24 million) in real estate projects in Egypt.

(1 US Dollar = 18.80 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)