Saudi New Plan heralds its first compound project in Egypt new capital

Saudi Arabia’s New Plan Developments says it has started the construction works of its first flagship in Egypt’s new capital.

With investments of 1.5 billion Egyptian pounds ($89.3 million), the fully-fledged Serrano Compound at the seventh residential district will be delivered within 2022, the company’s chairman Walid Khalil announced on Monday.

“We have attained the ministerial approval of the 15-feddan project that is with a built-up area not exceeding 17.5 percent,” Khalil said.

Serrano Compound is set to include 622 semi-furnished units, he said, adding that New Plan marketed 90 percent of these units.

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.