Egypt’s property developer First Group says it plans to launch a new residential and touristic flagship in North Coast mid-2018, with initial investments worth 750 million Egyptian pounds ($42.4 million).
The new project is with target revenues estimated at 5 billion pounds, First Groups’ chairman Bashir Mustafa told Amwal Al Ghad on Sunday.
“The residential and touristic project is being executed over 95 feddans within five years,” Mustafa further stated, adding his company is preparing to complete the project’s designs.
“The flagship will be marketed after attaining the governmental decree,” the official noted.
In addition, Mustafa referred that First group seeks to launch another project in the new City of Galala, located between Ain Sokhna and Zafarana, spanning over 85 feddans within 2018.
This project will be carried out in four phases within a four-year timeframe, with initial investments worth 600 million pounds, Mustafa referred.
As for Kenz Compound, he elaborated that First Group has implemented about 35 percent of the flagship in Sixth of October City over 38,000 square metres.
“It (Kenz Compound) is to include 1,350 housing units and a commercial mall on a space of 38,000 square metres,” Mustafa stated, clarifying that First group has delivered two phases.
“The flagship will be completely handed over at the end of next year,” he said.