Egypt’s property developer firm Tameer has started executing its flagship Azad in New Cairo, with total investments worth one billion Egyptian pounds ($56.6 million), said managing director Antoine El Khoury on Sunday.
Established in 2000 by presidential decree No. 191, New Cairo city is located on the southeastern edge of Cairo governorate, 25km (15.5 miles) from Maadi.
El Khoury further referred that his company seeks to achieve returns estimated at 1.5 billion pounds from Azad, which is being carried out over 20 feddans.
“The project will include about 47 residential buildings,” the official stated, adding that Tameer has marketed 25 percent of Azad.
“The company (Tameer) achieved sales worth around 453 million pounds at the end of last year,” El Khoury concluded.