22 April 2019
Egypt's Oscar Misr Developments plans to build two residential projects in Beit Al Watan in New Cairo at a cost of 100 million Egyptian pounds ($5.82 million), the company CEO has said.

Mohamed Behairy told Thomson Reuters Projects last month that the two projects would be located in the fifth and seventh districts of Beit Al Watan respectively, which forms part of the national housing programme launched by the New Urban Communities Authority (NUCA) under the Ministry of Housing, Utilities and Urban Development.

He said the first project to start construction would be a 16-unit development in the seventh district, scheduled to begin in the third quarter of this year. The second project, he continued, would be a 32-unit development in the fifth district with construction scheduled to begin in early 2021, adding that Oscar Misr's in-house construction arm would build both projects.

He also disclosed that the company is considering new projects in Beit Al Watan, Al Narjis and in coastal areas but declined to elaborate further.

Beit Al Watan in New Cairo comprises of seven districts, each with its own integrated service area.

(1 US Dollar = 17.19 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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