Saudi New Plan’s arm to start works on Egypt new capital’s Serrano in Feb.

Al-Khalil Construction, affiliated to Saudi-based New Plan Developments, says it plans to start the initial construction works of Serrano Compound at the seventh residential district in Egypt’s new capital within February 2019.

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

The construction works are with investments approaching 1.4 billion Egyptian pounds ($78 million), said Al-Khalil’s technical manager Ahmed Maati said on Wednesday.

Serrano is New Plan’s first residential project in the new capital over 15,000 feddans, Maati said, adding that the two-phase project will include 17 buildings and 622 housing units as well as a mosque and commercial mall.

“We obtained the ministerial decree on Serrano in September 2018,” he said, adding that Al-Khalil has so far achieved sales up to 80 percent from 500 units of the project.