Saudi New Plan eying third housing flagship in Egypt new capital

Saudi Arabia’s New Plan Developments says it will start the construction works of its third housing compound project – Atika in Egypt’s new capital by early January 2020.

“We target contractual sales totalling 4.5 billion Egyptian pounds ($279.3 million) from the project by 2021,” the firm’s marketing director Ali Gaber told Amwal Al Ghad on Monday.

Spanning over 36 feddans, Atika will include around 1,500 housing units, Gaber added.

“The project will be completely marketed at the end of June 2021 and delivered within four years,” he said.

New Plan is a shareholding company that has a long history in real estate and commercial activities in Saudi Arabia for more than 17 years.

In 2018, the Saudi company established its Egyptian subsidiary in Cairo with a paid-up capital worth 100 million pounds.