PHOTO
Egyptian developer ERG Developments has launched residential project Ri8 in the New Administrative Capital (NAC) at an investment of about 3.5 billion Egyptian pounds ($178 million), the company's chairman said.
Mohamed Rizk told Zawya Projects that the 25-acre Ri8 Compound comprises 34 residential buildings incorporating 1,063 apartments and would be completed in three phases.
Hafez Consultant is the main consultant of the project, he said, adding that they are targeting 5 billion pounds ($254 million) in sales revenue.
He disclosed that ERG is planning new projects in New Cairo and the North Coast. The company is building two mixed-use towers in the NAC, namely, Diamond Tower New Capital and Diamond Tower 2, of 16-storeys each, containing offices, clinics, stores, residential units and hotel apartments.
(1 US Dollar = 19.66 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
