Egypt-based The Land Developer (TLD) has completed 45 percent of its 3-billion Egyptian pound ($97 million) Armonia residential project in the New Administrative Capital, the company's vice chairman said.

Omar El Tayebi told Zawya Projects that they completed 140 units in the first phase and would deliver the same by the end of this year.

Installation of unit doors, elevators, project gate, and facades have been completed.

He said structural works for 11 buildings have been completed and nine buildings remain under construction.

Tendering process is currently underway for eight buildings, he disclosed, adding that they have allocated EGP1 billion ($32 million) for construction in 2024.

Tayebi said they recently launched the 350-unit Phase 3 of the project.

He added that the 42-acre project, which is being implemented in four phases, would be completed by 2026, and contain 1,700 housing units.

Tayebi also stated that the company is planning to increase their land bank, which currently stands at 52 acres representing EGP4 billion ($130 million) worth of investments.

(1 US Dollar = 30.90 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)


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