Egyptian developer Taj Misr Developments is planning to pump 3.5 billion Egyptian pounds ($113 million) into Dejoya Zayed project in 2024, the company's managing director said.

Mostafa Khalil told Zawya Projects that the 144-acre project, located in New Zayed city, features 350 villas and 140 residential buildings containing 2,500 apartments.

He said the initial phase would be delivered after three years and the rest after five years.

He added that the villas have been sold out while 55 percent of the apartments have been sold.

The project will also include two four-storey malls covering 10,000 square metres and 15,000sqm respectively, and both malls would be delivered by 2027, said Khalil.

Space Consultants is the lead consultant, and Egyptian International Construction Company (EICC) is the main contractor for the project.

(1 US Dollar = 30.90 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

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