New Generation Group eyes $319mln investments in Egypt's New Administrative Capital

The company will build a 23-feddan project featuring 1,000 residential units

  
A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Cairo –  New Generation Group plans to invest EGP 5 billion in real estate projects in the New Administrative Capital over the coming five years, the company’s Chairman, Assem Fadel, said.

The company signed a contract to develop a residential project in the new capital for the labour syndicate committee of the Ministry of Foreign Affairs, which owns the land, Fadel added in a press conference.

The company’s CEO, Ahmed Selim, said that the 23-feddan project, which will include 1,000 residential units as well as a shopping mall and a hotel, is expected to generate EGP 2.2 billion in sales.

Construction of the project is expected to begin in three months with completion scheduled in three years.

Earlier, Selim revealed that the investment cost of the project is estimated at EGP 1.3 billion.

New Generation Group is a joint venture (JV) between Cairo Capital Developments and Emarat Misr for Urban Development.

Source: Mubasher

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