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Egyptian developer First Group has launched a new villa project in Sheikh Zayed City in Giza governorate at an investment of about 750 million pounds ($48 million), the company's CEO said.
Basheer Mostafa told Zawya Projects that the 20-acre Silva project, master planned by Centroid, comprises of 138 villas, adding that construction is scheduled to start by first quarter of 2022 and complete after 30 months.
He said Mod+Partners is the lead consultant of the project.
Basheer said First Group is planning to start construction of its 550 million pound ($35 million) Kazan 2 mall in 6th of October City next month and complete the project by 2024. The 500-million-pound ($32 million) Kazan 1, spread over an area of about 42,000 square metres, is scheduled to open by the end of this year.
He also disclosed that the company is also studying a 300-acre hospitality project in the North Coast.
(1 US Dollar = 15.70 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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