20 October 2019
Egyptian developer Akam Developments is planning to develop two new mixed-use projects in the New Administrative Capital, a company executive said.

Sales director Mohamed Amer told Thomson Reuters Projects that the company is awaiting ministerial approval for a 40-acre mixed-use development in R7 area and is negotiating a new mixed-use project in the Green River area.

He said the first project, to be developed at a cost of 4.5 billion Egyptian pounds ($277 million), includes 51 residential buildings, villas, hotel apartments and a commercial area, and is scheduled for completion in 2022.

"We are planning to start construction in the second quarter of 2020," he disclosed.

The second mixed-use development is planned to be a four-tower project featuring residential, commercial and hotel units, said Amer, adding that negotiations are underway with master developer Administrative Capital for Urban Development (ACUD) to acquire land for the project.

(1 US Dollar = 16.26 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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