Cairo Capital to launch residential project in New Sheikh Zayed

Egypt - Cairo Capital Developments plans to launch a new residential project located in New Zayed, as an extension of Lake West, Chairperson Yasser Khalaf told Daily News.

Khalaf said that the project is scheduled to be announced in early August, adding that the company aims to complete its construction by the end of 2024.

He further noted that the project’s ministerial approval and building permits are underway.

However, the real estate developer is studying the debut of new serviced apartments in west Cairo.

The Lake West project, which covers 43 feddans, is located in New Sheikh Zayed City on the Waslat-Dahshur Road, and enjoys many surrounding services. The company is developing the project with investments worth EGP 1bn, which is self-financed.

Around 60% of construction in the first phase has been completed, with units already completely sold out.

The compound is scheduled to be delivered within three years, with marketing for the entire project to be completed in 2022.

“The company managed to sell out 60% of Lake West’s second phase, and the total expected sales of the project amounted to EGP 1 billion,” Khalaf said, “Moreover, the total investments that were directed to the project reached EGP 500 million.”

Khalaf stressed that the company aims to expand in the New Administrative Capital (NAC), to launch a residential project, which may have administrative commercial properties.