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Egyptian developer ERG Developments is planning to launch a 100-acre mixed-use project in the 5th Settlement in New Cairo, the company's chairman said.
Mohamed Rizk told Zawya Projects that the project would include residential units, shops and offices but didn’t elaborate.
He said the company will start enabling works for its 25-acre Ri8 residential project in the New Administrative Capital (NAC) this month [February 2023].
Rizk said the 3.5 billion Egyptian pound ($115 million) project comprises 34 residential buildings containing 1,063 apartments and would be completed in three phases.
Hafez Consultant is the main consultant, he said.
CCO Mohamed Amer said that they are targeting EGP 5 billion ($164 million) in sales revenue this year.
Amer said ERG is currently building three mixed-use towers in the NAC, namely, Diamond Tower 1, Diamond Tower 2 of 15-storeys each and the 26-storey Moonreal Tower. The towers will contain offices, clinics, stores, and hotel apartments.
The developer is also planning new projects on the North Coast, and in the NAC, Amer added.
(1 US Dollar = 30.53 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
