Egypt's Minka Development plans to start construction of its newly launched residential project in East Cairo in the third quarter, company CEO said.

Abdullah Salam told Zawya Projects that yet-to-named project would be developed at an investment of 5.5 billion Egyptian pounds ($344 million).

"The residential compound, spread over an area of 27 acres, would be delivered by end-2024," he said.

The land was purchased from master developer Madinat Nasr Housing and Development (MNHD).

In a separate press statement, the company said it is looking to expand to West Cairo and coastal areas in the coming years, adding that it hopes to attract investments exceeding 6 billion pounds ($375 million) in its under-development projects over the next four years.

Minka Development is fully owned by the Sallam Family and was established in 2016.

(1US Dollar = 15.99 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#Egypt #MinkaDevelopment #Construction #MadinatNasrHousingandDevelopment(MNHD) #Cairo

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