Egyptian developer Leopard Construction has launched two residential projects in East Cairo at a total investment of about 7 billion Egyptian pounds ($445 million), the company chairman said.
Mahmoud Zayed told Zawya Projects that the 1.4-billion-pound ($89 million) Cairo Cannes, located in New Heliopolis, is a joint venture with Zahraa El Maadi company and spans an area of about 34 acres.
He said the project would be developed in two phases and include 1,000 housing units, a commercial mall, and a sports club.
Zayed said the enabling works have started, and the 600-unit Phase 1 would be delivered by 2024. The whole project would be completed in five years.
He said the second project, 'East Cairo,' is located on Ismailia Desert Road and would be developed at an investment of about 5.5 billion pounds ($350 million).
The 78-acre project, to be built in three phases, would include 4,500 housing units, a sports club, a hospital, a school, and a Hilton Garden Inn hotel.
The Leopard CEO said construction of East Cairo would start in the first quarter of 2022 and be complete after eight years.
He added that the 1,365-unit first phase would be completed by 2024.
Canadian Consultant is the principal consultant for the two projects.
Zayed also disclosed that Leopard Construction is planning to build a residential project in the 6th of October city, over an area of about 110-acre, in the coming period.
(1 US Dollar = 15.72 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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