Egypt’s Grand Plaza intends to allocate 500 million Egyptian pounds ($16 million) for construction work in 2024, the company chairman said.

The developer recently launched the 192-unit Phase 1 of its La Mirada Mostakbal project, located in Mostaqbal City, New Cairo. 

Sherif Othman said the company is targeting EGP800 million ($26 million) of sales revenue from Phase 1 which includes apartments, adding that Phase 2 comprises of townhouses and duplexes while the third phase includes serviced apartments, offices and shops. 

The EGP2.2 billion ($65 million) project, spread over an area of 28 acres, is being developed in three phases.

(1 US Dollar = 30.95 Egyptian Pounds)

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

(anoop.menon@lseg.com)

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