Cairo – Sorouh Developments intends to invest EGP 1 billion in construction works of a residential project in the New Administrative Capital (NAC) over two years, CEO Islam Khamis told Mubasher.

The real estate developer has invested EGP 380 million in the construction works of the 72-feddan project until the present time, Khamis added, on the sidelines of Cityscape Egypt.

Sorouh Developments has achieved contractual sales worth EGP 400 million out of the EGP 700 million targeted amount until the end of 2021.

The company plans to achieve EGP 300 million in sales during the exhibition period and until the end of October, Khamis said, noting that Sorouh targets about EGP 11 billion in sales from its two projects in NAC.

He further referred to current negotiations with two state-run banks to obtain funding, noting that the talks are in the final stages.

Source: Mubasher

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