Egyptian developer IL Cazar Developments has launched a new mixed-use project, The Crest, in New Cairo at an investment of 60 billion Egyptian pounds ($1.9 billion), the company's chairman said.
Nader Khozam told Zawya Projects that the complex, spread over an area of 158 acres, comprises 3,000 residential units, serviced apartments, offices, a social club, restaurants, sports area, and leisure facilities.
He said Raef Fahmi Architects and Chaddad Group have been awarded design mandates for the project, with construction scheduled to start by the third quarter of 2024 and deliveries by 2027.
Commenting on existing projects, he said they have completed 90 percent of the 1,000-unit Go Heliopolis residential project in Misr Elgedida district in Cairo with delivery scheduled for 2024.
The company has also completed 96 percent of its Creek Town mixed-use project in New Cairo, which comprises residential and commercial units. Khozam said they intend to deliver 600 villas within Creek Town by the fourth quarter of 2024, followed by 1,500 apartments in 2025.
He added that the company plans to launch projects totaling 1,000 acres during 2024 in New Cairo, North Coast and the 6th of October city.
(1 US Dollar = 30.87 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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