Cairo – New Generation Group intends to put EGP 5 billion in real estate projects in the New Administrative Capital over the coming five years, the organization’s Chairman, Assem Fadel, said.
The organization marked an agreement to build up a residential project in the new capital for the labor syndicate committee of the Ministry of Foreign Affairs, which claims the land, Fadel in a press conference.
The organization’s CEO, Ahmed Selim, said that the 23-feddan project, which will incorporate 1,000 residential units just as a shopping center and a hotel, is required to produce EGP 2.2 billion in deals.
Development of the project is relied upon to start in a quarter of a year with completion planned in three years.
Prior, Selim uncovered that the venture cost of the undertaking is assessed at EGP 1.3 billion.
New Generation Group is a joint venture (JV) between Cairo Capital Developments and Emarat Misr for Urban Development.