PROJECTS: Egypt's B2C to develop two residential projects in the 6th of October City

Construction likely to start in 2021

  
A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

A worker wearing a protective face mask stands on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Egypt's B2C Real Estate Company said it is planning to develop two residential projects in 6th of October City at total investment of 300 million Egyptian pounds ($19 million).

Company Chairman Mahmoud Samir Hanafy told Zawya Projects that the 120 million pounds ($7.6 million) Beit Al Watan project consists of nine buildings housing 72 units, while the 180 million pounds ($11 million) project in in Sheikh Zayed City consists of 50 villas.

Hanafy didn't disclose the exact construction timelines but said work on both projects would start in 2021.

He also added that the company is considering a commercial project in Egypt's new capital but declined to elaborate.

(1 US Dollar = 15.76 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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© ZAWYA 2020