Egyptian developer Master Group has completed 55 percent of its ‘The City’ project in the New Administrative Capital (NAC), the company's chairman said.

Mohamed Lashin told Zawya Projects that the seven billion Egyptian pounds ($226 million) project is spread over an area of 54 acres and comprises of 2,528 residential units, medical centre, mall and club.

He added that they are planning to deliver 700 units by June 2024.

Lashin said that they would start construction of the services area by the end of 2024, and the whole project would be completed by the end of 2026.

He said that they are awaiting the launch of new plots by NAC’s master developer Administrative Capital for Urban Development (ACUD) to embark on the construction of a new integrated urban project comprising of commercial and residential units.

He also disclosed that they are planning new projects in West Cairo and the North Coast.

(1 US Dollar = 30.93 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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