Saudi New Plan to start Egypt new capital’s 1st compound project next Jan.

Saudi-based New Plan Developments says it is seeking to start executing its first flagship Serrano Compound at the seventh residential district in Egypt’s new capital within January 2019.

New Plan is a shareholding company, which has a long history in real estate and commercial activities in Saudi Arabia.

The project will be completely implemented over 15 feddans in four years, with investments exceeding one billion Egyptian pounds ($55.8 million), said sales consultant Ahmed Hammad on Saturday.

“We started marketing the project during the last months, achieving 80 percent of sales till now,” Hammad told Amwal Al Ghad, adding that Serrano will include 576 housing units.

New Plan earlier got two land plots in the new capital as part of its expansion scheme to invest and develop more works there, he added.

“We are seeking to launch another residential project at the heart of the new capital within 2019,” Hammad said, adding that it will comprise 70 percent of villas and 30 percent towers.