Egypt-based The Waterway Developments is planning to launch three new projects in New Cairo worth 13 billion Egyptian pounds ($831 million) by the first quarter of 2021, a top company official said.

Haitham Samir, CEO of Equity for Investment and Real Estate Development, a subsidiary of The Waterway Developments, told Zawya Projects that the projects include the 5 billion pounds ($319.7 million) Waterway Branded Residences (WBR); the 2 billion pounds ($129 million) Waterway Villas and 6 billion pounds ($383.7 million) Waterway Duplex.

He said the 120-unit WBR serviced apartments project would be managed by a "major hotel brand" but declined to elaborate more details about the three projects.

The 4 billion pounds ($256 million)The Waterway North Coast residential project is in the construction permit stage and a new project would be launched in Mansoura spread over an area of 220 acres, he disclosed.

Samir said that the company's 2021 expansion plan also includes increasing its land portfolio through the procurement of new plots in Sheikh Zayed City in Greater Cairo and other locations across Egypt.

Commenting on ongoing projects, he said the commercial part of The Capitalway mixed-use project in the New Administrative Capital (NAC) would be launched in the first quarter of 2021.

He declined to elaborate but said the 1,508-unit residential component is being developed in two phases.

"The first deliveries would take place in early 2022, with the total amount spent in construction works so far ranging between 2.5- 3 billion pounds," he said.

He also added that construction contracts worth 300 million pounds ($19 million) were awarded this year for projects in the NAC and in the Fifth Settlement, where the company is developing 30 acre fully-serviced residential compound in northern 90th Street with an initial investment of 5 billion pounds ($319.7 million).

The company's total investments in the Egyptian market currently stand at 30 billion pounds ($2 billion) across seven projects, he concluded.

(1 US Dollar = 15.64 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

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