Egypt’s Palmier Developments has launched a new residential project, Vert, in New Zayed City in partnership with Melee, with total investments of 3.5 billion Egyptian pounds ($73 million), the company’s chairman said.

Mohamed Alhaj told Zawya Projects that the 30-acre development will feature 213 villas, with projected sales revenue of EGP 5 billion ($105 million).

Alhaj added that Palmier has signed an agreement with Queens Clinics to operate the medical facilities within the project. The master plan was designed by TA Design Studio, he added.

The launch comes amid continued private-sector activity in New Zayed City, one of Egypt’s key west Cairo expansion zones.

(1 US Dollar = 47.82 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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