PROJECTS: Egypt's Future Homes to launch three projects by Q1 2021

Developer had launched third phases of two ongoing projects in New Cairo

  
Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

REUTERS/Amr Abdallah Dalsh - RC1169D2CE00

Egypt's Future Homes Development will start work on three projects next year at a total investment of 600 million Egyptian pounds ($38 million), the company's chairman said:

Mohammed Mounir told Zawya Projects that the three projects would be executed in partnership with El- Nasr Housing & Development and Zahraa El Maadi investment and Development in the first quarter of 2021 but didn't elaborate.

Mounir said the company has launched the third phase of its mixed-use Verona Heights in East Cairo. The 260 million pounds ($16.6 million) Verona Heights includes 100 commercial units and 370 residential units

He added that the third phase of the 100 million pounds ($6.4 million), 150-unit Future Heights project, also in East Cairo, was launched in partnership with National Investment and Reconstruction Company (NIRCO).

(1 US Dollar = 15.71 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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