Egyptian developer Taj Misr Developments has started enabling works for its 18 billion Egyptian pounds ($583 million) Dejoya Zayed project in West Cairo, the company's managing director disclosed.

Mostafa Khalil told Zawya Projects that the first phase of the 144-acre residential project, located in New Zayed city, would be delivered after three years.

He added that Dejoya Zayed comprises of 345 villas and 138 residential buildings containing 2,500 units, adding that they are targeting EGP32 billion ($1.04 billion) in sales revenue.

The project also includes two clubhouses, two malls and leisure facilities.

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

Mostafa Khalil said that they would pump EGP5 billion ($162 million) into construction works this year.

He added that they have completed 90 percent of Dejoya 1, Dejoya 2, Dejoya 3 residential compounds and Ezdan Mall in New Administrative Capital (NAC) with delivery expected to start this year. He also added that they have completed 18 percent of Taj Tower in NAC’s CBD area.

(1 US Dollar = 30.90 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.