First Group launches residential project in Sheikh Zayed

The project is expected to be established within two years

  
Image used for illustrative purpose. A general view of the housing project "Long Live Egypt", at Al-Asmarat, a housing complex in Al Mokattam area, at Cairo's desert outskirts, Egypt September 12, 2018.

Image used for illustrative purpose. A general view of the housing project "Long Live Egypt", at Al-Asmarat, a housing complex in Al Mokattam area, at Cairo's desert outskirts, Egypt September 12, 2018.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: First Group Developments plans to build a new residential project in Sheikh Zayed City over a 22-feddan area with investments of EGP 750 million.

The real estate developer has obtained the New Urban Communities Authority's (NUCA) approval on the project's master plan, the company's CEO, Bashir Mostafa, said in a press conference.

The project is expected to be established within two years, Mostafa added.

The company has invested EGP 600 million in 2021 in resuming the establishment of existing projects and meeting financial obligations and targets to invest EGP 225 million in 2022. The contractual sales are expected to reach EGP 1.5 billion next year.

The real estate sector is currently witnessing a boom, driven by the country's expansion plans in building fourth-generation cities and extending roads across the country, which have created investments opportunities in new cities, Mostafa pointed out.

Translated by: Zeinab Adel

 

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