Egyptian developer ATRIC Developments is planning to develop a 75-acre residential project in New Cairo and a 230-acre hospitality project in the North Coast, the company's CCO said. 

Muhammad Khattab told Zawya Projects the New Cairo residential project would be developed at an investment of 7 billion Egyptian pounds ($445 million) with construction scheduled to start in the second quarter of 2022. 

Construction of the North Coast project is expected to start by the third quarter of 2022, he said. 

Khattab said the company has completed 64 percent of its 300-unit Boho hospitality project in Ain Sokhna.  

“We will deliver the first phase, which includes 100 units, by mid-2022,” he said. 

The 1.5-billion-pound ($95 million) project which also includes a 100-key boutique hotel, is scheduled for completion by end-2023. 

Ökoplan is the project’s master plan consultant while YBA is the lead consultant, he said.  

Chairman Ashraf Naguib told Zawya Projects that the company will launch a 9-acre commercial project in the New Administrative Capital in the first quarter of 2022. 

The 3-storey development forms part of the ongoing 45-acre, 4.5-billion-pound ($287 million) Board Walk project in the NAC. 

Naguib said Board Walk, which includes 1,600 residential units, is 54 percent complete. 

 “We will deliver 800 units by the end of 2022, and the entire project would be finished by the end of 2023,” he said. 

 (1 US Dollar = 15.71 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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