Egyptian developer Memaar Al Ashraaf has announced a new residential and commercial boutique compound on a 10-acre plot in New Cairo.

“We are targeting 5 billion Egyptian pounds ($162 million) in sales from the residential portion alone,” disclosed CEO Ahmed Amin Masoud.

He told Zawya Projects that the company plans to deliver the compound three years after the official launch date.

Yasser Beltagy Architect (YBA) has been awarded the design contract.

He said the company owns 80 percent of the commercial plots in New Obour City and has developed two malls. The company has developed and delivered residential projects, ready-made garment factories, and four service centres in New Cairo.

(1 US Dollar = 30.87 Egyptian Pounds)

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


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