Egyptian developer Taj Misr Developments has announced 6.7 billion Egyptian pounds ($426 million) of residential and commercial projects in the New Administrative Capital (NAC).

Company Chairman Mostafa Khalil told Zawya Projects that project portfolio for NAC includes the De Joya 1, 2 and 3 residential compounds at a combined investment of 5.7 billion Egyptian pounds ($361 million) and the one billion pounds ($63 million) Ezdan Mall.

He said the company is awaiting ministerial permissions to start construction of the 23-acre, 2 billion pounds ($127 million) De Joya 1, which will house 1,002 units in 32 buildings.

He said the 11-acre, 1.5 billion pounds ($95 million) De Joya 2 comprises 550 residential units, and 32 villas, while the 25-acre 2.2 billion pounds ($140 million) De Joya 3 comprises of 1,200 units in 37 buildings.

The Taj Misr chief said construction of De Joya 2 and the 5-storey, 200-shop Ezdan Mall is expected to start in 2021.

The company is also planning to start construction of a 41-acre, 2 billion pounds ($127 million) mixed-use project in Sheikh Zayed City extension in 2021, he said, adding that Cairo-based Space Consultants is the lead consultant for all the projects.

(1 US Dollar = 15.74 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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