PROJECTS: Egypt's El Batal Group plans to launch two projects in 2021

Company to launch residential and mixed-use projects in New Cairo and New Administrative Capital respectively

  
Image used for illustrative purpose. View Of Cityscape With River In Foreground.

Image used for illustrative purpose. View Of Cityscape With River In Foreground.

Getty Images/Saif Alsadoon

Egyptian developer El Batal is planning to launch two projects in New Cairo and New Administrative Capital in 2021, the company's commercial property manager said.

Youssef Samir told Zawya Projects that Rock Yard residential project in Cairo's Sheraton district would be developed at an investment of 1.5 billion Egyptian pounds ($95 million).

He didn't disclose the number of units or actual start of construction but said the project, spread over an area of 11,500 square metres, would be completed in 2024.

He said the company is also planning to build mixed-use project in the new capital in 2021. He declined to elaborate on the investments or construction timelines but said the project area is likely to be in the 20-40 acre range, and include residential and commercial components..

Samir said the developer intends to complete the construction of the 480 million pounds ($30 million) Rock Vera Plaza commercial project in New Cairo by the end-2020, adding that the project features 100 office and retail units

He said the company had a land bank of 100 acres for future projects.

(1 US Dollar = 15.78 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

isclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020