Egyptian developer ElMasria Group has launched Isola Sheraton residential project in Sheraton, at a total investment of about six billion Egyptian pounds ($309 million), the company's chairman said.

Wathek Elzeneny told Zawya Projects that the project is located on 45-acre plot in Misr El Gedida, east Cairo, and comprises of 850 apartments in 47 buildings, 90 townhouses and a 1,500 square metre mall.

He added that the project would be completed in four years.

CCO Ahmed Badr said the company is readying 2,000 units for delivery in its ongoing projects including Isola October and Bait Al Masria in October Gardens, and Badr Al Masria project in Badr City

He said the company has a land bank of about 200 acres, adding that upcoming projects include Isola North in Garawla Bay on the North Coast, and Isola Green in the green belt along Sheikh Zayed city.

(Reporting by Eman Hamed; Editing by Anoop Menon)