Egypt’s Adva Developments is planning to develop a new residential compound in the ‘Green Belt’ area of 6th of October City at a total investment of 250 million Egyptian pounds ($16 million), the company CEO said.
 
Ahmed El Shennawy told Zawya that the 5-acre, 35-villa project forms part of the company’s 2-billion-pound ($128 million) investment plan for the next five years.
 
He said construction of the yet-to-be named project would start by the first quarter of 2022 and complete by the end of 2023.

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Ahmed El Shennawy, CEO of Adva Developments

“We are awaiting ministerial decree to kickstart the project and start offering it for sale. We have already paid 75 percent of the project’s land value with the last installment due in January 2022,” he said.
 
El Shennawy, who is also a member of the construction committee of Egyptian Businessmen Association (EBA), said the company is targeting 500 million of sales in 2021.
 
(1 US Dollar = 15.71 Egyptian Pounds) 
 
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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