Egyptian developer Mountain View has launched Lagoon Beach Park, the latest phase of its 65-billion-pound ($4 billion) iCity New Cairo.
Tha new phase follows the completion of the first phase last month.
The first phase, the 4,000 unit Club Residence District, was launched in mid-2016, and delivery has commenced this year with 600 units currently under delivery, and 1,800 units to follow by the end of 2021, according to past statements.
He said the 8-billion-pound ($510 million) Lagoon Beach Park, spead over an area of 100 acres, includes 1,500 residential units, a 12-acre artificial lagoon and other facilities.
DMG and CallisonRTKL are the designers of iCity New Cairo, which also includes Heartwork Business Park, while ACE Project Management Moharram Bakhoum is the project management consultancy.
"The iCity New Cairo project houses six residential parks," Soliman said, adding that the entire project, housing 7,000 units, is on 12-year completion timeline [starting 2016].
(1 US Dollar = 15.70 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
