Egyptian developer Albostany for Real Estate Development will officially launch its Degla Square commercial project, located in Maadi, Cairo, in the second quarter, the company Chairman told Zawya Projects.

Mohamed Albostany said the project, spread over an area of 3,000 square metres, is being developed at an investment of 200 million Egyptian pounds ($12.7 million) and would be launched in June.

"The project includes 20 retail units and open office spaces and has been designed by Criteria Design Group," he said, adding that construction started in February and would be completed by mid-2022.

He said the under-construction Pukka Medical Centre project in Fifth Settlement, New Cairo would be completed by end-2020.

"The 270-million pound ($17 million) project comprises of medical clinics, radiation centres, analytical laboratories and office units," he said.

The company is also planning to complete a 30-unit housing project in Beit El Watan area, New Cairo by end-2020.

(1 US Dollar = 15.79 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

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